Susquehanna lowered the firm’s price target on Noble Corp. to $47 from $49 and keeps a Neutral rating on the shares. The firm previewed the upcoming Q2 earnings season for the Oilfield Services business and noted the North America rig count and frac spread count have sequentially declined a bit more than expected entering the quarter. The combination of more efficient completion techniques and E&P M&A has caused a modest erosion in US land activity, and judging by conversations and company comments, there does not seem to be much improvement expected in the second half of the year leading to mor eprice erosion as utilization levels weaken.
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