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.
Susan Dziubinski does not own shares in any of the securities mentioned above. Find out about Morningstar's editorial policies.