Jefferies making positive comments; Reiterates Buy rating, price target $60
- The firm hosted investors in Houston yesterday, and met with SLB, HAL, PTEN, DO and FET. They note that there is no sign of recovery yet, but there is incremental support for completions' operating leverage once recovery does come. HAL highlighted that DUCs could matter more than firm thought, suggesting to them that the industry could see a 10-20% increase in activity during that process.