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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Dragon 1 who wrote (8536)	1/16/1998 4:55:00 PM
From: SJS	Read Replies (1) \| Respond to of 95453

On GLM... GLOBAL MARINE INC. (GLM) 22 +1 1/4. Offshore oil driller is having a positive run today, more than offsetting yesterday's price dip after posting better-than-expected 4Q results. The reversal in the price trend is tied to two earnings upgrades and a more positive view on oil prices, although with Iraq and OPEC not yet playing all their cards, more volatility in crude prices is likely to be the norm. Nonetheless, shares of GLM are trading with a more positive bias after Dain Rauscher upped its 1998 EPS estimate because of increased dayrates for its rigs and contract timing and order backlogs that are expected to contribute to more stronger earnings in the coming year. Dain Rauscher now expects GLM to record a net of $2.03 a share in 1998, up from its previous forecast of $1.93 a share. This compares with 1997 net of $1.76 a share that the company reported yesterday on revenues of $1.07 billion. At the same time, Lehman Brothers has raised its rating on the stock from "outperform" to buy," while setting a 12-month price target of $32 a share. The $32 price target gives the stock a 45% upside potential in 1998, although shares of GLM have traded as high as $36 13/16 as recently as this Fall. Anything above $30 would be a big plus for investors that have been riding this stock downward during the past several months after the momentum bubble for oil stocks burst late last year. Lehman also raised its 1998 EPS estimate from $2.00 to $2.05 a share, and established a 1999 EPS forecast of $2.55 a share. Scars from the fall? Got a few of those....