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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SJS who wrote (16104)3/23/1998 12:07:00 PM
From: Czechsinthemail  Read Replies (2) of 95453
 
With oil prices restrengthened, I think the optimum places to be among the drilling stocks may be shifting. It is possible that the land drillers will show the best appreciation, but I think they are dicier than the offshore drillers. Among the offshore drillers, the balance of power may be shifting back toward the shallow drillers with shorter contract terms. They have the attractive combination of lower PE's and shorter contract terms. With rig utilization at 100%, these drillers will once again be showing rising dayrates, and the impact of rising dayrates will show up faster than for companies more heavily involved in deepwater drilling w/longer contract terms. I think the best bets may be with the jackup drillers such as ESV, MDCO, and possibly SDC. I've been buying more ESV today.
Baird
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