Grey Wolf a Buy on Merger
Grey Wolf (GW) reported solid third quarter results on the back of still-strong dayrates and the highest number of average rig count in its history. The company averaged 112 operational rigs during the quarter, up from 105 rigs in the previous quarter.
Importantly, the pending merger with Precision Drilling Trust (PDS - Snapshot Report) remains on track. The combined entity, to be called Precision Drilling, will be a North American land drilling powerhouse with 371 rigs.
We have lowered our estimates to reflect the expected soft demand outlook for onshore activities in the current low commodity-price environment. Our new 2008 and 2009 EPS estimates are $0.64 and $0.69, down from $0.67 and $0.78, respectively. Our Buy recommendation remains unchanged.
Read the full analyst report on GW
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| Market Summary | Nov 08, 2009 08:21 am ET |
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