The entire subsector of the onshore driller is down big during the 2nd quarter. The thing is, all onshore drillers are not the same. HP is the premier company in this group. Their FlexRigs remain in high demand and you cannot get one unless you sign a three year contract. HP is going to report strong results this year and next year. First Call's target price is $61.17.
HP closed at $43.48 on Friday.
http://seekingalpha.com/article/693971- ... urce=yahoo
HP is likely to stay depress for awhile but this is definitely the top company in this group.
Onshore Drillers - HP
Onshore Drillers - HP
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Onshore Drillers - HP
PTEN:
July 10: Onshore contract driller Patterson-UTI Energy Inc. (PTEN) declared that its June 2012 drill rig count averaged 222, down marginally from 223 in the previous month. The company operated 221 rigs in the U.S. and 1 in Canada in June, compared with 223 rigs in the U.S. and none in Canada during May this year.
I used 226 for Q2 in my forecast model.
PTEN remains under pressure since the market is worried about their pressure pumping business. Full article below.
http://finance.yahoo.com/news/patterson ... 16793.html
July 10: Onshore contract driller Patterson-UTI Energy Inc. (PTEN) declared that its June 2012 drill rig count averaged 222, down marginally from 223 in the previous month. The company operated 221 rigs in the U.S. and 1 in Canada in June, compared with 223 rigs in the U.S. and none in Canada during May this year.
I used 226 for Q2 in my forecast model.
PTEN remains under pressure since the market is worried about their pressure pumping business. Full article below.
http://finance.yahoo.com/news/patterson ... 16793.html
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Onshore Drillers - HP
Patterson-UTI (PTEN): An updated Net Income & Cash Flow Forecast model has been posted under the Watch List Tab.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group