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Gold/Mining/Energy : Ensco International Inc. (ESV)
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To: Ryno who wrote (1647)1/18/1999 9:52:00 PM
From: Ram Seetharaman  Read Replies (1) of 2005
 
If you see $ 17 a barrel oil, then ESV will stabilize for sure! Right now the U.S consumer is having a party on low oil prices. Airlines are going to make more money as fuel costs go lower. Independent electricity producers are going to reap higher profits as oil and gas prices slide and stay low. The low energy prices though bad for companies like ESV are very good for the economy and will eventually feed into ESV in a few months. During 1996-1997 Global Marine (GLM) was rated the most profitable company by FORTUNE magazine. Even as early as March 1998, S&P thought that GLM was undervalued at $ 23.
GLM closed at $ 9 yesterday. If it goes below $ 9, I am buying, as I know that it is a steal at $ 8. If ESV hits below $ 8, it is a great buy for long term investors with at least a two/three year window.
If you bought 200 shares, I would wait for it to drop some more and buy three times as much (perhaps at $ 7 - $ 8 !). Then you will dollar cost average well and will be rewarded as ESV heads towards the teens. Another bargain in the Oil Sector is Input/Output (IO)
since it is trading about $ 7. It is worth at least $ 20 in two to three years. IO makes profits, but has been hit hard by low capital spending in the industry!
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