Preston Caldwell

More From Preston Caldwell

Projecting Coronavirus' Long-Run Economic Impact

We've updated our near-term GDP forecast and look to previous recessions for longer-term guidance.

Preston Caldwell May 14, 2020

Epic Oil Crash Sets Up Brutal Downturn for Energy Sector

But recovery is inevitable, and stocks look very cheap--just watch out for bankruptcy risk.

Preston Caldwell Apr 27, 2020

Will Energy Stocks Rise From the Ashes?

Preston Caldwell Apr 8, 2020

Coronavirus Update: Long-Term Economic Impact Forecast to Be Less Than 2008 Recession

Our outlook on how the U.S. will cope during and after the shutdown.

Preston Caldwell Apr 1, 2020

Market, Economic Implications Amid Latest Virus News

Karen Andersen, CFA Mar 16, 2020

Lowering Oilfield Services Fair Values

Four companies look extremely cheap even after the fair value reduction, trading an average 70% below our fair value estimate.

Preston Caldwell Mar 10, 2020

Morningstar's View: The Impact of Coronavirus on the Economy

The hit to 2020 should be significant, but we see minimal long-term economic impact, and the treatment pipeline is progressing.

Karen Andersen, CFA Mar 10, 2020

Weatherford's Out of Bankruptcy and Undervalued

A recapitalization has put the company in solid financial health.

Preston Caldwell Jan 15, 2020

Schlumberger Set to Benefit From International Recovery

It’s proved it can generate shareholder value in even dismal oil market conditions.

Preston Caldwell Dec 2, 2019

Core Lab Has the Strongest Moat in the Industry

It has generally bested all its oilfield services peers in returning cash to shareholders.

Preston Caldwell Sep 16, 2019

China in Doldrums as Trade War Looms

The average U.S. tariff rate on China is set to surge.

Preston Caldwell Aug 9, 2019

3 Undervalued Oilfield-Service Companies

Preston Caldwell Jun 12, 2019

With Oil Prices Tanking, We See Values

Nearly all the E&P and oil-services stocks we cover trade below what we think they're worth.

Dave Meats, CFA Jun 10, 2019

Updated Rig Forecast Affects Our Offshore Driller Valuations

Our long-term industry assumptions have grown more pessimistic.

Preston Caldwell Jun 3, 2019

Morningstar's Analysis of China Trade Scenarios

Are China and the U.S. headed for a new cold war?

Preston Caldwell May 8, 2019

3 Cheap and High Quality Oil Services Firms

Preston Caldwell Feb 8, 2019

Lower Fair Value, Extreme Uncertainty for Weatherford

Higher financial leverage and low pricing on recent asset sales drove our reassessment.

Preston Caldwell Dec 12, 2018

Nabors Still Cheap After Adjusting Fair Values

The changes are due chiefly to our revised U.S. land drilling forecasts.

Preston Caldwell Dec 11, 2018

Flood of Low-Cost Supply Swamps Our Frac Sand Valuations

We've reduced our long-term pricing forecasts.

Preston Caldwell Nov 23, 2018

2 Energy Picks for Our Bearish View on Chinese Oil Demand

Preston Caldwell Nov 23, 2018

China Trade Worries More Important Than Slowing Growth

Preston Caldwell Oct 23, 2018

Ensco-Rowan Deal May Mean Shift in Offshore Drilling

The combined company--which is a true merger of equals--will have a total market enterprise value nearly on par with industry leader Transocean.

Preston Caldwell Oct 9, 2018

Why We're Bearish on Rowan

The high-spec nature of its fleet won't insulate the offshore driller from the woes afflicting the broader rig market.

Preston Caldwell Jul 9, 2018

We Still Expect Oil Prices to Fall

Preston Caldwell Jun 15, 2018

Robust Growth for Oilfield Services, but No Bargains

Halliburton looks especially overvalued.

Preston Caldwell Feb 7, 2018

Hi-Crush Is Misunderstood and Neglected

But we think the lowest-cost frac sand provider is attractively valued.

Preston Caldwell May 17, 2017

Increase to Fairmount Santrol's Fair Value Estimate

The boost reflects our reconsideration of the North American frac sand market.

Preston Caldwell Mar 10, 2017

OPEC Cuts Unlikely to Have Long-Term Impact on Oil Markets

Preston Caldwell Feb 27, 2017

Preston Caldwell is senior US economist for Morningstar.* He leads the research team's views on US macroeconomic issues, including gross domestic product growth, inflation, interest rates, and monetary policy.

Previously, Caldwell served as a member of the energy sector team, covering oilfield-services stocks and helping to craft Morningstar's long-term oil price forecasts.

Caldwell holds a bachelor's degree in economics from the University of Arkansas and earned his Master of Business Administration from Rice University.

*Morningstar Research Services LLC (“Morningstar”) is a wholly owned subsidiary of Morningstar, Inc.