Content Provided by Zacks.com
Grey Wolf a Buy Pre-Merger
Grey Wolf, Inc. (GW) is the third-largest land driller in the country, with a very capable drilling fleet. The company remains well positioned to weather a slowdown in drilling activity given its strong portfolio of term contracts and a healthy balance sheet.
Grey Wolf's merger with Precision Drilling Trust (PDS - Snapshot Report) will enable the company to take advantage of Precision Drilling Systems high-end drilling rigs as well as high-performance systems and technologies.
Demand for Grey Wolf Inc.'s premium rigs, which are vital for meeting customer requirements in the technically challenging resource plays, remain robust. Grey Wolf is buying back $150 million worth of its own stock, of which nearly 82% has been completed.