Opinions
James Hodgins
Tuscany International Drilling
TID-T
DON'T BUY
Sep 27, 2012
$0.240
Stock price when the opinion was issued
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BUY
Likes the story. Service drilling company that is focused in South America some in Africa. Has a fair amount of debt and the stock has been under pressure. Did an acquisition that closed in September. The real story is their up-to-date technology that allows them into more remote areas. 80% of their rigs are contracted over the next year or so. Cash flows are going to ramp up over the next year.
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TOP PICK
Drilling company whose main operations are in South America. Predominant in Columbia and now in Brazil. Drilling stocks sold off last year and this went down with them. They then made an acquisition, which investors did not like, which dropped the stocks with tax loss selling. Fundamentals continue to improve. Stock could easily double.
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PAST TOP PICK
(Top Pick Mar 2, 2011, Down 59.80%) Just visited with Management. 4th quarter is still not going to be very exciting. The next quarter will be good. Will have deployed the majority of the rigs. They are spending the majority of their efforts in 2012 on efficiency. There are some camps they can build that service a couple of rigs, which is much more efficient. They will improve margins and the market will pay attention. She would average down, but be patient. She thinks it is a buy.
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HOLD
Has been a difficult stock. A small cap in an environment where small caps are not appreciated. Long term they are attractive in the sense that they have top quality drilling rigs in Latin America. Management team has build companies and sold them to larger companies. One day they could be taken over but they need to grow larger.
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An international drilling services company. Was focused more on Latin America and there has been all kinds of political turmoil. This has been a really tough space. They are now trying to refocus in Africa as well with mixed success.