FBR Capital Downgrades Halliburton (HAL) and RPC (RES) to Market Perform

July 30, 2010 7:20 AM EDT
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FBR Capital downgrades Halliburton Company (NYSE: HAL) and RPC Inc. (NYSE: RES) from Outperform to Market Perform.

The firm said, "We believe investors are pricing-in near peak expectations for North American hydraulic fracturing earnings and underestimating the magnitude of the supply response already well underway. Halliburton, RPC, and their peers are in the midst of aggressively adding capacity to meet burgeoning demand from the myriad unconventional hydrocarbon plays, but are likely to overbuild in our opinion."

The firm cut its price target on HAL from $40 to $34. The price target on RES is $19.

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