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

To: SliderOnTheBlack who wrote (25488)	7/10/1998 6:03:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

Estimates for most companies in this industry continue to be revised downward at an ever increasing pace. A valuation calculator that uses today's (or yesterday's) earnings estimates is not worth the time it takes to enter the data. A perfect example of this was in the Disk Drive industry. Companies like APM were trading at P/Es of 20 when estimated future earnings were double or triple what the P/E reflected. Funny how the entire industry went south in a hurry when the future estimates were changed to losses instead of fantastic gains. Even the companies themselves were in denial for the longest time. The product transitions were approaching, the price cuts were fast and furious, and these companies still wouldn't acknowledge that future expectations were simply way to high. APM, using those valuation calculators, was worth $175 a share, and now it trades around 5 or 6 bucks. Until the price of oil rises and stays above $15/barrel, you will continue to see downward revisions to many companies in this sector. Please be careful putting your faith in the expectations of analysts. Way too many are simply lemmings. Respectfully, Michael

To: SliderOnTheBlack who wrote (25488)	7/10/1998 6:25:00 PM
From: Broken_Clock	Respond to of 95453

API link...http://www.api.org/

To: SliderOnTheBlack who wrote (25488)	7/10/1998 6:25:00 PM
From: Elmer	Read Replies (1) \| Respond to of 95453

I don't see many people talk much about Pride ("PDE") very much on this Thread. I am thinking about buying some next week. I like the company's international business in South America. With all of the natural gas pipelines and infrastructure being built in these areas there should be some huge natural gas drilling over the next few years. PDE also has some deepwater assets entering the market next year. Best of all, the stock is around $14.50 with a Book Value of $13.70 per share. I feel there is huge upside with not too much more downside (but, then again, we have all been saying this for a while now). I don't know of any other drillers trading this close to BVPS. It might be a good way for some of the North American drillers to gain some significant intl. exposure at very cheap prices. Diversified operationally and geographically - In 1997: Some is W/O operations: Intl. Land = 58% Intl. Offshore = 23% Domestic Offshore = 19% Over the next few years, offshore should continue to grow in % significance as a result of deepwater newbuilds. I would love to hear others thoughts on PDE. Thanks, Elmer