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

To: Gary Burton who wrote (36968)	2/6/1999 12:43:00 PM
From: SliderOnTheBlack	Respond to of 95453

Oilpatch now at bottom 2% range of valuations in over 13 years'' - 'Nuff Said ? Interesting comments: 'This (oil) group has been oversold,'' said Bruce Lanni, an analyst at CIBC Oppenheimer & Co. in New York. ''These are real companies that make real money -- unlike Internet stocks.'' '' Producers are shutting down many smaller, less economic wells, and delaying larger projects. That decreased production ''will underpin a price recovery, albeit over a one-two-year time frame,'' said oil analyst MichaelMayer at Schroder & Co., in a report. Mayer cited the recent stock-price falls, rather than any expected improvement in energy prices, for his upgrades. ''The sector has only been more attractive vs. the market 2 percent of the time over the past 13 years ... relative downside risk appears minimal,'' Mayer said in his report. fwiw. I like those odds; bottom 2% of valuations over a 13 year period; I guess that is the definition of buying low; now we will have to see about the other half of that equation...