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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (64185)4/10/2000 2:59:00 PM
From: Big Dog  Read Replies (2) of 95453
 
I really don't...I'm an offshore guy. But more rigs working can't be bad.

More from Dain:

The increase in drilling activity in
the Norwegian sector of the North Sea has been so dramatic that in a period
of six months, Norway has gone from flirting with four-year lows in drilling
activity to reaching an all-time high of 24 working rigs in the month of
March. This is significant and could translate into earnings surprises in the
March and June quarters for services companies with more than a fair amount
of exposure to the North Sea.

During the past year, we have rarely seen so many positive developments in
the oil patch converge in one week. If anything, it may be a sign that the
current cyclical recovery, which to this point has been isolated to North
America, is now going global. The industry has maintained for several
quarters (and we have concurred) that the turn in international activity
levels would occur in the second half of 2000. We continue to focus on more
domestically leveraged names, but we are gradually warming up to companies
with more extensive international exposure. Just this week we upgraded Nabors
Industries to Strong-Buy Average on the premise that Nabors is the land
drilling play with the most international exposure and consequently the
greatest fundamental upside. Our North American focus names continue to be
((BJ Services Company (NYSE: BJS; SB-Agg; $63.56) ))and ((UTI Energy
Corporation (NYSE: UTI; SB-Agg; $) )). We believe ((Nabors Industries, Inc.
(NYSE: NBR; SB-Avg; $36.81) ))and ((Pride International, Inc. (NYSE: PDE; SB-
Agg; $24.25) ))are strong plays on improving drilling activity in Latin
America, and ((Santa Fe International Corporation (NYSE: SDC; SB-Agg; $34.25)
))is a good play on improving activity levels in the North Sea and the Middle
East, in our view. We believe ((Cooper Cameron Corporation (NYSE: CAM; B-
Spec; $65.00) ))is the best way to play improving drilling and production
activity in deepwater markets worldwide.
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