Seeking Alpha: Cameron Coming Through In The Pinch

During this steep downturn in the energy space, Cameron (NYSE:CAM) has stepped up in terms of operating performance, market share, and order flow. That has not gone unnoticed, as the shares have sold off less sharply than those of National Oilwell Varco (NYSE:NOV), FMC Technologies (NYSE:FTI), Dril-Quip (NYSE:DRQ), and Forum Energy Technologies (NYSE:FET). Not only is the company's OneSubsea venture with Schlumberger (NYSE:SLB) really coming into its own, but also Cameron seems to be gaining share in markets like surface equipment.

Whether or not Cameron is a good stock to consider today depends in large part on your outlook for the energy sector. If you believe the major service companies that activity levels have bottomed in the North American onshore market and that the offshore markets will come back in another two or three years, Cameron should do well. I do believe that the next couple of years will be difficult in markets like drilling equipment, but modeling this as a three to four year recovery story still suggests upside toward $60 per share.

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Cameron Coming Through In The Pinch