Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Broken_Clock who wrote (54771)	11/15/1999 4:39:00 PM
From: SliderOnTheBlack	Read Replies (1) of 95453

Pappy; re: SEI ... too much doubt over their acctg per the Barrons piece earlier... They may well be oversold, I would consider trading it; but not owning it as a longterm hold. They are both an E&P co to an extent as well as a seismic company. It was their accounting practices regarding the seismic end of the bizz that got the piece in Barrons... but; its certainly been sold off to levels well below where it was. I merely; prefer VTS & PGO - both of whom have much, much better institutional support and may well have more % upside in their remaining moves from here today as well. With so many pureplay - E&P's so cheap; even the large caps; I'd go pureplay in either an E&P and a separate seismic co - maybe 50:50 in VTS & PGO. I also think that even if the acctg doubts go away; being a dual-sector company presents a problem in analysts pigeon holing them and it also presents problems in perhaps even fairly valuing them as well. You asked... my answer; I'd pass... better buys in pureplays in either direction imho. I like IIR here a lot; super clean balance sheet - they sell directly to the middle east; again - a "picks & shovels" supplier for both the domestic & intnl land drilling market. NOI I like here as well; via recent acquisitions they have more earnings capacity at peak cycle than they did the prior cycle when they were a $40 stock - thats some upside left there (VBG). FLC popped today in response to being a laggard; nothing more. Who wants to chase ESV for example ? FLC stood out as heavilly discounted in comparison to its peers. These laggards like GLBL HOFF MDR UFAB in construction will move soon as well. But, I really like the E&P's as rotation plays from the driller-service move here... OEI PXD sub $10, XTO in the $10's, NBL, BR, UPR - all have a realistic opportunity to bust out soon... If nat gas recovers - NBL BR will fly & OEI is a crude-balanced play that is my fav here and is buffered a bit more than most if gas softens a bit more here. Chase OEI down as far as they want to take here... Could both Peter Lynch and Slider both be wrong on the same stock (VBG) ? - no way...

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