Updating Large Caps: Highlight BKR, FTI as Stocks with Most Positive 2027 Consensus Revisions Amid Macro Uncertainty

In this note, we update estimates for BKR, SLB, FTI and HAL ahead of Q3 earnings season and discuss key areas of focus for each stock. Amid the current backdrop, we are highlighting a relative preference for BKR where we are constructive on the company's more defensive, industrial driven business model and see upside to 2027 consensus estimates. Following relative underperformance, we believe Baker Hughes offers an attractive entry point with earnings supported by the conversion of IET backlog, as well as a more production oriented OFSE business. We also highlight FTI where we see backlog resilience and look for further color on the 2027 order outlook. More broadly across our OFS coverage, we focus on the impact of ongoing oilfield activity disruptions in the Middle East, as well as color around customers conversations and the outlook for services pricing.