OIS
Oil States International Inc.
Energy, Event Driven/Special Sit
03/03/2014
Presented
| Date | 02/28/2014 |
| Price | $94.10 |
| Market Cap | $5.02B |
| Ent Value | $5.40B |
| P/E Ratio | 12.67x |
| Book Value | $25.29 |
| Div Yield | N/A |
| Shares O/S | 53.34M |
| Ave Daily Vol | 620,000 |
| Short Int | 3.54% |
Current
| Price | $4.60 |
| Market Cap | $0.29B |
| Oil States International, Inc., through its subsidiaries, provides specialty products and services to natural resources companies worldwide. It operates through three segments: Accommodations, Offshore Products, and Well Site Services. The Accommodations segment offers temporary and long-term work force accommodation services for people working in remote locations. It manufactures accommodations facilities to suit the climate, terrain, and population of a specific project site. The Offshore Products segment designs, manufactures, fabricates, inspects, assembles, repairs, tests, and markets subsea equipment and offshore vessel and rig equipment. Its products and services include flexible bearings and connection systems; casing and conductor connections and pipes; subsea pipeline products; compact ball valves, manifold system components, and diverter valves; marine winches, mooring systems, cranes, and other heavy-lift rig equipment; production, workover, completion, and drilling riser systems and their related repair services; blowout preventer stack assembly, integration, testing, and repair services; and other products and services. The Well Site Services segment offers a range of products and services that are used to drill for, establish, and maintain the flow of oil and natural gas from a well throughout its lifecycle. Its services for the onshore and offshore oil and gas industry include wellhead isolation services; wireline and coiled tubing support services; frac valve and flowback services; well testing, including separators and line heaters; ball launching services; pipe recovery systems; thru-tubing milling and fishing services; hydraulic chokes and manifolds; blow out preventers; down hole technology; and gravel pack operations on well bores. This segment also offers land drilling services for shallow to medium depth wells. The company was founded in 1995 and is based in Houston, Texas. |
Highlights
Shares of Oil States International (OIS) fell to the low-$90s following a disappointing 4th quarter earnings report on February 19. While its accommodations business, which is to be spun off in Q2 2014, performed particularly poorly, the company has filed the Form 10 and put the management team in place to run the business once it is independent. On the other side of OIS’s business, the products and completion services segment put up record quarterly EBITDA. The presenter is long shares of this “busted event name” ahead of the spin-off and expects a recovery to the $113 level near term, and longer term he believes shares have the potential to approach the $150 level.
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