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

To: P.Prazeres who wrote (25247)	7/7/1998 2:41:00 PM
From: Snowshoe	Respond to of 95453

EVI estimates cut ... From Briefing.com (13:15 ET) OIL DRILLING/SERVICES STOCKS: Finally, research analysts have begun to cut estimates in the oilfield drilling/services group. Before last week, it seemed that Wall Street was willing to lower forecasts for the price of oil over the next two years, but did not feel compelled to make meaningful adjustments to earnings estimates for the companies that would inevitably feel the pinch from the subsequent decline in drilling activity. Regardless of temporary spikes in the price oil, the commodity has simply been depressed for too long for the integrated oil companies to profitably maintain the current pace of drilling. Today, Salomon Brothers Smith Barney has ventured off the docks by lowering its earnings estimates on shares of oilfield equipment and contract drilling services company EVI Weatherford (EVI 36 1/8 -1/2). According to the firm, a midyear survey indicates that spending on drilling activity has been more modest than previously expected. As a result, the firm is cutting its fiscal 1998 earnings estimate by 13% to $2.65 and its fiscal 1999 forecast by 17% to $3.40 a share. The estimate cuts, however, do not mean that Salomon Brothers has turned negative on the stock. In fact, the firm calls EVI one of the most compelling values in the entire group, citing the company's Price/Earnings ratio of only 10.63 (based on Salomon's FY99 estimate). The firm has a 12-month price target of $55, 52% (above the stock's current price), and maintains a "buy" rating on the stock. EVI shares have fallen 24% since Salomon started coverage of the stock in early-February.

To: P.Prazeres who wrote (25247)	7/7/1998 8:30:00 PM
From: P.Prazeres	Respond to of 95453

ACCESS prices rise as gasoline supplies fall LOS ANGELES, July 7 (Reuters) - U.S. energy futures prices rose on after-hours ACCESS trade Tuesday, led higher by short-covering and a drop in nationwide gasoline supplies, traders said. ACCESS August crude oil rose 10 cents a barrel to $13.72 on volume of 422 lots by 1630 PDT. Trade was light in the overnight market, with activity driven by speculators covering their short positions. On the supply side, a leading oil industry group -- the American Petroleum Institute (API) -- reported late Tuesday that U.S. gasoline stockpiles fell by 1.4 million barrels to 218.6 million barrels last week. ''We were up a little before the (API) numbers on short-covering and then the API's were supportive,'' an ACCESS trader said. August gasoline futures reached 47.20 cents a gallon, up by around 0.28 cent a gallon by 1630 PDT on volume of 123 lots. Front month heating oil contracts traded at 37.80 cents a gallon, up 0.20 cent a gallon amid volume of 84 lots. Some traders said the supportive API numbers would lift markets Wednesday. The market failed to react strongly on ACCESS, despite lower stockpiles which have brought down prices for several days, traders said. biz.yahoo.com Paulo