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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: articwarrior who wrote (31804)11/14/1998 2:39:00 PM
From: jbe  Read Replies (3) of 95453
 
I like any oil service stocks that have a debt of 10% or under. How many fit this description?

Not many. I ran a Telescan search, to identify oil service companies that have 1) an EPS increase over the past year, and 2) a debt/equity ratio of under 10%. Here they are:

I0 (2.6)
VRC (3.4)
MRL (0.0)
UFAB (0.6)
DWSN (0.0)
SCSWF (0.7)
TDW (2.8)
SDC (0.0)
BTJ (0.0)
CDIS (0.0)
GIFI (0.0)
SCSAY (0.0)
HP (3.5)
RES (1.0)

Interest coverage is another way of estimating how much leeway companies have. Don't have numbers for all of the above, but here is the ranking of those for which I do have the numbers:

MRL (277.7)
UFAB (105.8)
IO (62.3)
VRC (39.1)
DWSN (36.3)
TDW (18.4)
SCSWF (5.3)

Free cashflow is another measure of a company's ability to live on its fat in hard times. Only the following of the companies listed above have positive FREE cashflow (foreign companies excluded because financial reporting on them does not supply numbers):

TDW (3.3)
BTJ (0.7)
GIFI (0.6)
MRL (0.5)
VRC (0.4)
IO (0.4)
SDC (0.3)
RES (0.2)
HP (0.2)
CDIS (0.2)

Of course, good balance sheets do not necessarily make for great stock prices. :-((

I must confess that yesterday I finally broke down and sold my shares in GIFI and RES. I needed some big losses for 1998 income tax write-offs, and those companies obliged me by providing them. Still holding on to TDW, though, in the stubborn belief that virtue OUGHT to be rewarded (even though it rarely is).

jbe

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