Remeber when - Part 1 (Note the upgrades at the top)
05/04/98 May 1, 1998, UTI Energy Corp. announced Mar. '98 three-month diluted earnings of $0.21 vs. $0.14 for the same period a year ago.
04/09/98 Apr. 9, 1998, UTI Energy Corp. (UTI) said it acquired Peterson Drilling Co., a privately owned drilling contractor with principal operations in southeastern New Mexico, for about $20,400,000 in cash. UTI said "included in the acquisition are Peterson"s eight drilling rigs, all of which are currently operating, and about $3,300,000 in cash.'
02/20/98 Feb. 18, 1998, UTI Energy Corp. announced Dec. '97 fourth quarter earnings per diluted share of $0.28 vs $0.13 for the same period a year ago and annual earnings of $0.83 vs $0.42 for the prior year. Results have been adjusted for a three-for-one stock split of record in August 1997.
12/03/97 UP 3 7/8 to 31 7/8... Prudential ties rise to short covering, fears over industry fundamentals subsiding... Co. unavailable...
12/03/97 3:55 pm... UTI ENERGY (UTI 31-3/8) UP 3-3/8, PRUDENTIAL TIES RISE TO SHORT COVERING, FEARS OVER INDUSTRY FUNDAMENTALS SUBSIDING... Analyst Matt Conlan tells MarketScope fears over such as things as increased supply from OPEC have impacted shares... Says industry stocks were bid down to rock bottom lows after discounting almost every conceivable risk... Now, UTI tremendous value; expects fantastic growth ahead if avg. nat. gas, oil prices stay above avg. prices of $17/barrel, $1.75/thousand cu.ft... Says if commodity prices maintained, drilling in U.S. will have to increase... Says current declining infrastructure of land rigs, will positively impact UTI... Rates buy./K.J.Wolfe
10/22/97 Oct. 21, 1997, UTI Energy Corp. announced Sept. '97 three-month earnings per share of $0.26 vs $0.14 for the same period a year ago and nine-month earnings of $0.54 vs $0.30 for the same period a year ago.
10/21/97 UP 3/4 to 44 1/2... Posts $0.25 vs. $0.14 3Q op. EPS on sharp revenue rise... Lehman initiates coverage with buy...
10/21/97 3:10 pm... UTI ENERGY (UTI 45) UP 1-1/4, POSTS $0.25 VS. $0.14 3Q OP. EPS ON SHARP REVENUE RISE... LEHMAN INITIATES COVERAGE WITH BUY... Analyst Paul Chambers tells salesforce UTI should provide highest EPS growth rate among oil service cos. next few years... Notes domestic land drilling market benefitting from increased demand... Believes incremental supply of land drilling rigs is significantly less than most people realize, making for very tight market... Believes UTI has EPS leverage of better than $7.25/shr over next several years using daily cash margin on its existing fleet of $7,500 a day, up from 2Q average of $1,500/day... Sees $0.81 '97 EPS, $1.48 '98/S.Trombino
10/21/97 Oct. 1, 1997, UTI Energy Corp. (UTI) said 6,100,000 of its common shares were offered for public sale at $39.50 each through an underwriting team of Prudential Securities Inc., Lehman Brothers, Rauscher Pierce Refsnes Inc., and Simmons & Co. Intl. Of those shares 1,575,000 were offered for UTI and 4,525,000 were offered by stockholders. UTI said it plans to use the net proceeds from the offering, including any proceeds from warrants exercised by selling stockholders, to reduce bank debt and for general corporate purposes, including the continuation of its acquisition strategy.
09/11/97 UP 3 5/8 to 32 5/8... Acquires J.S.M. & Assoc., a privately owned, Odessa, Texas-based drilling co. for about $13.4M in UTI stock, $2.6M in cash.
09/11/97 Sept. 11, 1997, UTI Energy Corp. (UTI) said it acquired J.S.M. & Associates Inc., a privately owned drilling company based in Odessa, Tex., for about $13,400,000 in UTI common and $2,600,000 in cash. UTI noted that the acquisition included J.S.M.'s seven drilling rigs, as well as spare drilling equipment, office and warehouse facilities in Odessa, and about $950,000 in net working capital. The company said the acquisition increases its total number of drilling rigs to 89, including 33 rigs throughout the West Texas region.
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