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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (177787)	4/10/2013 7:12:51 AM
From: Dennis Roth	1 Recommendation Respond to of 206172

Lufkin Industries, Inc. (LUFK) — GE Acquires LUFK, We Lower LUFK Rating to Sell from Buy GE announced today that it will acquire Lufkin Industries for $88.50 per share in cash, or approximately $3.3 billion, a 38.4% premium to the LUFK share price as of Friday's close. This deal values LUFK substantially above our $75 price target. We lower our rating on LUFK from Buy to Sell and increase our Price Target to $88.50 from $75.00. Click on Me

To: Dennis Roth who wrote (177787)	4/17/2013 11:56:52 AM
From: Dennis Roth	3 Recommendations Read Replies (2) \| Respond to of 206172

Oilfield Services First Quarter 2013 Earnings Preview Credit Suisse Comment Our View: Historically, the U.S. rig count does not goes up in the first quarter (Exhibit 1). For the market to believe that was going to be the case in 2013 was premature. As we mentioned in October, when we initiated coverage, we expected the rig count to “continue dropping for at least the next four to six months” and it has. Well, six months has passed and we believe the rig count will now begin to increase from current levels through the end of 2013. Year-over-year, the 2013 average U.S. rig count will be down 5% - 8% but this will be up approximately 130 – 170 rigs from currents levels (with footage drilled and well count up slightly). We are calling for utilization to increase, but not for pricing to increase. Pricing is merely going to stop going down. Efficiencies (pad drilling) are up YoY & QoQ but service intensity is too, due to rising well counts, stages per well, and footage. Lowering EPS estimates for HP, NBR, PTEN & PDS herein. Signs: 2013 capex budgets were set in late-October, early-November—the CS Energy Universe (100+ names) shows capex +1% YoY – but natural gas prices have averaged $3.48 in Q1; WTI has averaged $94.36 and with the capital markets window open at the current juncture there are increasing signs that domestic capex (activity) could be ratcheted up in 2013. Internationally, the Middle East rig count is primed to increase, led by Saudi. Mexico is showing signs of life onshore and off, and the North Sea is the “offshore Permian Basin – the gift that keeps on giving”, according to one major OFS CEO. Activity will be good in Brazil but margins won’t likely impress and Russia continues strong with an outsized relative market share held by SLB. China continues to rival Saudi Arabia and Australia as the hottest emerging international shale play. Stock Calls: We view HAL & SPN as the best ways to play an improving U.S. rig count and a blossoming international landscape in Q1 and for 2013. More...18 pages, 16 April 2013 Download link at the bottom of This Page