There wasn't much joy in Mudville in December: Morningstar cut the fair value estimates on more than three dozen stocks last month. Many of the changes were due to re-evaluations of entire industries.
For instance, meaningfully weaker near-term crude prices dampened valuations across our upstream oil and gas coverage universe. We lowered our fair value estimates for offshore drillers, in the range of about 10%-20%, stemming from decreases in our long-term floater rig demand forecasts. And we updated our fair value estimates on land drillers, as we've revised our U.S. land drilling forecasts.
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Susan Dziubinski does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.