For what it's worth I just had a look at drilling stock valuation comparisons to try to see how I would rank them at their current prices. I used PSRs for the current year (based on actual results), and PEs for one year out (based on estimated results).
The rankings for land drillers are, best to worst:
STXD
PDE (*)
TBDI
UNT
HP
PKD
UTI
PTEN
PDS
GW
NBR
For offshore drillers, best to worst:
PDE (*)
RDC
GLM
ATW
MRL
COD
RIG
NE
ESV
SDC
DO
(*) = PDE has flavors of both land and offshore, moreso than any of the rest.
I did this as I'm particularly interested in land drillers of late, and because of all the discussion about GW recently. I wanted to see what I was missing. GW has got much higher PSR and PE multiples than their peers and also an extreme debt load, higher than all their peers except PKD. For comparison GW's debt to equity per Yahoo is 1.49 versus TBDI 0.09, UNT 0.25, HP 0.05, PKD 1.66, UTI 0.35, NBR 0.47.
So, what's the interest in GW for? I welcome all comments, pot shots, etc.
Sharp
Disclaimer - I own STXD, TBDI, PDE and RIG. None of the rest. |
