Land Drillers See Improved 2Q Results, But Our Bearish Thesis Is Still in Place
Unsurprisingly, land drillers Helmerich & Payne, Patterson, and Precision all posted solid improvement in their second-quarter results, owing to increases in U.S. shale activity levels. Our fair value estimates and no-moat ratings for the companies are unchanged.Rig counts for the three companies improved an average 6%, buoyed by an 11% increase in the overall U.S. horizontal rig count. Overall Tier 1 rig utilization has reached about 83% by our estimates--the highest mark since the fourth...
Precision Drilling is engaged in the provision of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada and the United States. Co. operates two segments: Contract Drilling Services and Completion and Production Services. The Contract Drilling Services segment includes drilling rigs, directional drilling, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. The Completion and Production Services segment includes service rigs, snubbing units, oilfield equipment rental, camp and catering services, and wastewater treatment units.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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