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Non-Tech : ACCO: 800America.com, Inc

ACCO 3.460

+0.4%

Nov 12 3:59 PM EST

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From: LTK007	1/20/2007 2:03:30 AM
	of 694

From: LoneClone 1/15/2007 1:01:05 PM of 78450 These aren't my words but those of the much more savvy DWY on the Energy Prospectus board at finance.groups.yahoo.com "Drillers I've been working on my Drillers Portfolio and I'm upgrading all of the offshore drillers to Strong Buys (Priority Code "HIGH) as they have all pulled back during the last couple weeks to good entry points. The offshore drillers have most of their rigs on long-term contracts that extent into or beyond 2008. Outstanding EPS growth is therefore locked in for 2007. Transocean (RIG) is my top pick with projected y-o-y EPS growth of over 120% (based on First Call EPS estimates). Other Strong Buys are: Diamond Offshore (DO) Global Santa Fe (GSF) Noble (NE) Todco (THE) Ensco Intl. (ESV) Rowan (RDC) I have also moved Key Energy Services (KEGS.PK) up to a "Buy" (Priority Code "Medium") since 3rd quarter results met my expectations. Key is the leader in onshore workover rigs so they are a bit of a different company than the rest of the group. Key's share price flops around so buy the dips. Helmerich & Payne (HP) also looks like a solid buy at the current price but I'm going to remain cautious on the land drillers until we get a better idea on where gas prices are heading. HP has the highest quality onshore fleet of rigs and they deserve to trade at a premium. Patterson-UTI (PTEN) remains a Strong Buy because I'm convinced Wall Street has underestimated their aggressive share buyback program which will continue as long as management believes the shares are cheap. The Company has outstanding cash flow to fund continued share buybacks. PTEN is debt free and still trades at the lowest PE ratio of all the onshore drillers (NBR, GW, UNT and HP)." And in a response to a question about PTEN: "I talked to the CFO a couple months ago and he said that PTEN's approved stock buyback should get the number of fully diluted shares down below 150 million (from 175 million at the end of 2005). I'm not sure if they got to the goal by year-end. Since PTEN is debt free I'm expecting them to approve continued buybacks since they believe the shares are dirt cheap. They also aren't going to spend the money on building new rigs with the softening demand. DWY"

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