Remeber when - Part 3 CDG
06/08/98 2:21 pm... CLIFFS DRILLING (CDG 38-3/4) DOWN 2-3/8, LEHMAN CONCERNED THAT ESTIMATES FOR OIL SERVICE STOCKS TOO HIGH... Analyst Paul Chambers tells salesforce concerned that pricing for drilling rigs will be slower to recover in '98 than previously thought, making estimates too high... While multi-year stories are still intact, believes investors need to be prepared for weak 2Q results... Says rates for jackup rigs continue to fall, in some cases by more than 20% from recent highs... Though rate declines for this type of asset are not new, magnitude of decline is... This could have meaningful impact for offshore drilling EPS... (cont.)
06/08/98 2:20 pm... CLIFFS DRILLING (CDG 38-3/4) DOWN 2-3/8, LEHMAN CONCERNED THAT ESTIMATES FOR OIL SERVICE STOCKS TOO HIGH (cont.)... Analyst Paul Chambers tells salesforce he's limiting his comments to drilling stocks where price declines most exaggerated... However, without near term improvement in commodity prices, believes Street estimates for group for next few Qs too high... For now, leaves ratings unchanged... Believes there is less than 15% downside in owning oil service stocks... More concerned that industry may be without catalyst for some time./K.Bianco
04/27/98 April 27, 1998, Cliffs Drilling Co., announced Mar. '98 three-month diluted earnings of $0.93 vs. $0.45 for the same period a year ago. Results are adjusted for a two-for-one stock split of record in May 1997.
02/17/98 Feb. 16, 1998, Cliffs Drilling Co. announced Dec. '97 fourth quarter diluted earnings of $0.88 vs. $0.29 for the same period a year ago and annual diluted earnings of $3.01 vs.$1.02 for the prior year. *As reported on average shares adjusted for 2-for-1 stock split as of record May 1997.
10/21/97 UP 2 3/4 to 72 1/8... Posts $0.79 vs. $0.29 3Q EPS on 57% revenue rise, improved results from daywork drilling, engineering services segments.
10/21/97 Oct. 20, 1997, Cliffs Drilling Co. announced Sept. 1997 three-month earnings per share, $0.79 vs $0.29 for same period a year ago. Nine-month earnings, $2.13 vs $0.74 for same period a year ago. Results are after deducting preferred dividends, adjusted for two-for-one stock split of record in May 1997.
10/06/97 UP 2 3/8 to 73 3/8... Cambridge Investments' John Tozzi says drillers, service cos. will report earnings 15%-30% higher than Street estimates across the board for 2nd Q in a row: Barron's.
09/09/97 UP 1 1/8 to 54 1/2... BT Alex Brown initiates coverage with buy... Co. unavailable...
09/09/97 11:30 am... CLIFFS DRILLING (CDG 53-3/4) UP 1-3/8, BT ALEX BROWN INITIATES COVERAGE WITH BUY... Analyst Poe Fratt believes co. well positioned to benefit from strong fundamentals in worldwide jackup market, especially in its core Gulf of Mexico market... Believes worldwide jackup market remains in balance, dayrates should continue to improve until replacement cost dayrates are reached, new construction is economic... As result, believes EPS outlook strong over next several years... Has $62 12-month target, 15.2x '98 EPS, 9.6x '98 cash flow... Thinks current valuation of 12.8x '98 EPS, 8.1x '98 cash flow appears reasonable, stock offers attractive upside potential./S.Trombino
07/30/97 UP 6 1/8 to 52 3/8... Further rise... Yesterday co. posted $0.78 vs. $0.15 2Q EPS from cont. ops. on sharply higher revenues.
07/29/97 UP 3 1/4 to 46 1/8... Posts $0.78 vs. $0.15 2Q EPS from cont. ops. on sharply higher revenues... Cites improved op. results from daywork drilling, engineering services.
07/29/97 July 29, 1997, Cliffs Drilling Co. announced June '97 three-month earnings per share of $0.89 vs $0.15 for same period a year ago and six-month earnings of $1.34 vs $0.44 for same period a year ago. Results are adjusted for 2-for-1 stock split as of record May 1997. Results for 1997 include $0.11 of net after-tax gains related to dispositions of oil and gas related interests.
05/21/97 May 21, 1997, Cliffs Drilling Co. (CDG) said its two-for-one stock split will be payable June 9 to holders of record May 22, subject to holder approval. As reported on April 15, the company said its board approved a two-for-one stock split, subject to holder approval at the company's annual meeting on May 21.
04/23/97 April 23, 1997, Cliffs Drilling Co., announced Mar. '97 three-month earnings per share of $0.90 vs $0.62 for same period a year ago. Results are based on average common & common equivalent shares of 7,689,000 for 1997 and 5,876,000 for 1996
04/16/97 Apr. 15, 1997, Cliffs Drilling Co. (CDG) said its board approved a two-for-one stock split, subject to stockholder approval of an increase in the number of common shares authorized at the company's annual meeting on May 21. The company said the record date for the stock split would be May 22. |
