US Market News
3週前
Sidoti Events, LLC's May Micro-Cap Virtual ConferenceMay 20, 2026 7:30 AM
ACCESS NewswireNEW YORK, NY / ACCESS Newswire / May 20, 2026 / Sidoti Events, LLC, an affiliate of Sidoti & Company, LLC, has released the presentation schedule and weblinks for its two-day May Micro-Cap Virtual Investor Conference taking place Wednesday and Thursday, May 20-21, 2026. The presentation schedule is subject to change. Please visit www.sidoti.com/events for the most updated version and webinar links. Presentation Schedule*All Times EDTWednesday, May 20, 2026 (Day 1)8:30-9:00Huize Holding Limited (HUIZ)*****9:15-9:45U Power Limited (UCAR)SuperCom (SPCB)10:00-10:30InTest Corporation (INTT)Dyadic Applied BioSolutions (DYAI)10:45-11:15International Battery Metals (IBATF)A2Z Cust2mate (AZ)11:30-12:00C1 Fund (CFND)Oil States International (OIS)12:15-12:45Heliostar Metals (HSTR)Acme United Corporation (ACU)1:00-1:30Matrix Service Company (MTRX)Horizon Aircraft (HOVR)1:45-2:15Intrusion Inc. (INTZ) 2:30-3:00ESS Tech (GWH)*****3:15-3:4520/20 Biolabs, Inc. (AIDX)*****4:00-4:30***** 1x1s Only(20th)Bassett Furniture (BSET)****************All Times EDTThursday, May 21, 2026 (Day 2)8:30-9:00Owlting Group (OWLS)Einride (LEGT)9:15-9:45Mastech Digital, Inc. (MHH)CBAK Energy Technology (CBAT)10:00-10:30Cabbacis (CABI)Electra AI (IRHO)10:45-11:15Intellicheck (IDN)*****11:30-12:00Harvard Bioscience, Inc. (HBIO)Stakeholder Gold Corporation (SRC)12:15-12:45*****First Phosphate (FRSPF)1:00-1:30SafeSpace Global Corp. (SSGC)*****1:45-2:15Myomo, Inc (MYO)*****2:30-3:00Flexsteel Industries, Inc. (FLXS)*****3:15-3:45Oragenics, Inc. (OGEN)Power Metallic Mines (PNPNF)4:00-4:30Highland Copper Company (HDRSF)*****1x1s Only(21st)Bassett Furniture (BSET)***************About Sidoti Events, LLC ("Events") and Sidoti & Company, LLC ("Sidoti")
In 2023, Sidoti & Company, LLC formed an affiliate company, Sidoti Events, LLC in order to focus exclusively on its rapidly growing conference business and to more directly serve the needs of presenters and attendees. The relationship allows Events to draw on the over 25 years of experience Sidoti has as a premier provider of independent securities research focused specifically on small and microcap companies and the institutions that invest in their securities, with most of its coverage in the $200 million-$5 billion market cap range. Sidoti's coverage universe comprises approximately 130 equities, of which over 80 percent participate in the firm's rapidly growing Company Sponsored Research ("CSR") program. Events is a leading provider of corporate access through the many investor conferences it hosts each year. By virtue of its direct ties to Sidoti, Events benefits from Sidoti's small- and microcap-focused nationwide sales force, which has connections with over 2,500 institutional relationships in North America. This enables Events to provide multiple forums for meaningful interaction for small and microcap issuers and investors specifically interested in companies in the sector.Media Contact:Ally Cecil
Conference Coordiantor
US Market News
2月前
Oil States Announces First Quarter 2026 Earnings Conference Call Tuesday, May 5, 2026 at 9:00 a.m. Central Daylight TimeApril 23, 2026 5:00 PM
Business Wire
Oil States International, Inc. (NYSE:OIS) announced today that it has scheduled its first quarter 2026 earnings conference call for Tuesday, May 5, 2026 at 9:00 a.m. Central Daylight Time. During the call, Oil States will discuss the results for the quarter ended March 31, 2026, which are expected to be released on Tuesday, May 5, 2026, before the markets open.
This call is being webcast and can be accessed at Oil States’ website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing 1 (585) 542-9983 in the United States or by dialing +1 (833) 461-5787 internationally and using the passcode of 196865172. A replay of the conference call will be available approximately two hours after the completion of the call by clicking on the following link: First Quarter 2026 Earnings Conference Call Replay.
About Oil States
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, military and industrial sectors. The Company’s manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas, with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange and NYSE Texas under the symbol “OIS”.
For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260423647871/en/
Company Contact:
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
Original: Oil States Announces First Quarter 2026 Earnings Conference Call Tuesday, May 5, 2026 at 9:00 a.m. Central Daylight Time
US Market News
3月前
Oil States Announces Retirement of Cindy Taylor and Appointment of Lloyd Hajdik as CEO Effective May 1, 2026March 23, 2026 5:00 PM
Business Wire
Oil States International, Inc. (NYSE: OIS) announced today that Cindy Taylor, Oil States’ President and Chief Executive Officer, has informed the Board of Directors of her plans to retire, and Lloyd Hajdik, Oil States’ current Executive Vice President, Chief Financial Officer and Treasurer, will succeed her and serve as President and Chief Executive Officer, effective May 1, 2026. Mr. Hajdik will also join the Board effective with his appointment as President and CEO. Mrs. Taylor has agreed to stay on through October 31, 2026 in a consulting role. This plan reflects the Board’s ongoing commitment to long-term succession planning and leadership continuity.
“On behalf of the Board, I want to thank Cindy for her leadership and lasting impact on Oil States,” said Robert L. Potter, Oil States’ Chairman of the Board. “With more than twenty-five years of service to Oil States and nineteen years as CEO, Cindy has guided Oil States through many industry cycles. Her leadership has shaped a culture of integrity, innovation, and excellence that will continue to shape Oil States’ future.”
Mr. Potter continued, “The Board is confident that Lloyd is well-prepared to assume the role of CEO. He is a proven leader with a strong track record of accomplishments. Lloyd has helped shape Oil States’ strategy, focusing on enhancing stockholder returns. Lloyd’s knowledge of the business and trusted leadership will ensure a seamless transition.”
“It has been an immense privilege to serve Oil States as CEO,” said Mrs. Taylor. “I am deeply grateful to all Oil States employees and the Board for their enduring support and contributions. I am also grateful to have spent the past twelve years working with Lloyd. He is an outstanding leader who knows our business, our people, and our customers well. I leave Oil States in a good place, with a clean balance sheet, little to no debt, record backlog, strong technology and a highly focused leadership team.”
Lloyd Hajdik added, “I am honored to succeed Cindy and grateful for the confidence the Board has placed in me. Without Cindy’s leadership, Oil States would not be the resilient and innovative company it is today. On behalf of the entire organization, I’d like to thank Cindy for her strong leadership, and for fostering a culture of integrity and excellence. I look forward to building on that legacy and working with our talented team to drive continued success. Oil States will continue delivering the critical technologies that enable safe, efficient, and reliable energy production worldwide, while strengthening our operations to drive long-term stockholder value.”
Mr. Hajdik joined the Company in December 2013. He has served as Oil States’ Executive Vice President, Chief Financial Officer and Treasurer since May 2016 and as Oil States’ Senior Vice President, Chief Financial Officer and Treasurer from December 2013 to May 2016. Prior to joining the Company, he served as the Chief Financial Officer of GR Energy Services, LLC, a privately-held oilfield services entity, from September to November 2013. From December 2003 to April 2013, Mr. Hajdik served in various financial management roles with Helix Energy Solutions Group, Inc. (“Helix”), most recently as Senior Vice President – Finance and Chief Accounting Officer. Prior to joining Helix, Mr. Hajdik served in a variety of accounting and finance related roles of increasing responsibility with Houston-based companies, including NL Industries, Inc., Compaq Computer Corporation (now Hewlett Packard), Halliburton, Cliffs Drilling Company and Shell Oil Company. Mr. Hajdik was with Ernst & Young LLP in the audit practice from 1989 to 1995. Mr. Hajdik is an Advisory Board Member for the Energy Workforce & Technology Council, a Certified Public Accountant and a member of Financial Executives International.
Further, Oil States will appoint Matthew E. Autenrieth as Executive Vice President, Chief Financial Officer and Treasurer to take effect upon Mr. Hajdik’s appointment as CEO on May 1, 2026. Mr. Autenrieth joined the Company in December 2007, and has served the Company in various financial leadership roles, most recently as Vice President of Finance and Assistant Treasurer. Mr. Autenrieth is responsible for the Company’s treasury administration, corporate development, risk management, and financial planning and analysis functions as a trusted advisor to the executive management team. In this capacity and throughout his tenure with the Company, Mr. Autenrieth has held positions of increasing levels of responsibility. He has played a critical role in management of the Company’s lender relationships, credit facilities and other debt financing initiatives, evaluation and execution of numerous strategic acquisitions and divestitures, development of long-term strategic forecasting and financial modeling initiatives and management of the Company’s business risk insurance portfolio. Mr. Autenrieth holds an M.B.A. and a B.B.A. in Finance from Houston Christian University.
Mr. Autenrieth will assume responsibility for all financial functions and will report directly to the CEO, and serve as a member of the executive leadership team.
About Oil States
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, military and industrial sectors. The Company’s manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange and NYSE Texas under the symbol “OIS”.
For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com.
Cautionary Language Concerning Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the impact of changes in tariffs and duties on imported materials and exported finished goods, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, geopolitical conflicts and tensions, the financial health of our customers, the actions of the Organization of Petroleum Exporting Countries (“OPEC”) and other producing nations (together with OPEC, “OPEC+”) with respect to crude oil production levels and pricing, supply chain disruptions, including as a result of natural disasters, industrial accidents, additional trade restrictions or the adoption of or increase in tariffs, or the threat thereof, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, consolidation of our customers, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the “Business” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260323540775/en/
Company Contact:
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
Original: Oil States Announces Retirement of Cindy Taylor and Appointment of Lloyd Hajdik as CEO Effective May 1, 2026
US Market News
4月前
Oil States Announces Fourth Quarter 2025 Earnings Conference CallFebruary 9, 2026 7:30 PM
Business Wire
Friday, February 20, 2026 at 9:00 a.m. Central Standard Time
Oil States International, Inc. (NYSE:OIS) announced today that it has scheduled its fourth quarter 2025 earnings conference call for Friday, February 20, 2026 at 9:00 a.m. Central Standard Time. During the call, Oil States will discuss the results for the quarter ended December 31, 2025, which are expected to be released on Friday, February 20, 2026, before the markets open.
This call is being webcast and can be accessed at Oil States’ website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing 1 (800) 715-9871 in the United States or by dialing +1 (646) 307-1963 internationally and using the passcode of 6921148. A replay of the conference call will be available approximately two hours after the completion of the call by clicking on the following link: Fourth Quarter 2025 Earnings Conference Call Replay.
About Oil States
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, military and industrial sectors. The Company’s manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas, with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange and NYSE Texas under the symbol “OIS”.
For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260209645659/en/
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
Original: Oil States Announces Fourth Quarter 2025 Earnings Conference Call
US Market News
4月前
Oil States Enters Into New Credit AgreementJanuary 28, 2026 5:15 PM
Business Wire
Oil States International, Inc. (NYSE: OIS) announced today that it has entered into an amended and restated credit agreement (the “Cash Flow Credit Agreement”) which provides for total commitments of $125 million, consisting of a $75 million revolving credit facility and a $50 million multi-draw term loan facility, which will be available to draw through July 28, 2026. Wells Fargo Bank, National Association (“Wells Fargo”) is the administrative agent for the Cash Flow Credit Agreement. In addition to Wells Fargo, lenders under the Cash Flow Credit Agreement include Zions Bancorporation, N.A. dba Amegy Bank, Woodforest National Bank and First Bank. The Cash Flow Credit Agreement replaces Oil States' existing $125 million asset-based revolving credit facility. The maturity date of the Cash Flow Credit Agreement is January 28, 2030.
Borrowings outstanding under the Cash Flow Credit Agreement bear interest at Term SOFR plus a margin of 2.50% to 3.50% or at a base rate plus a margin of 1.50% to 2.50%, in each case, determined by the Company’s net leverage ratio (as defined below). The Company must also pay a commitment fee of 0.375% to 0.500%, on any unused commitments. Outstanding obligations under the Cash Flow Credit Agreement are secured by a pledge of substantially all of the Company’s and the guarantors’ assets located in the United States in addition to the stock of certain foreign subsidiaries.
The Cash Flow Credit Agreement contains customary representations, warranties, covenants, terms and conditions for a facility of this type, including maintaining an interest coverage ratio, defined as the ratio of Consolidated EBITDA to Consolidated Interest Expense, of at least 3.00 to 1.00, a maximum total net leverage ratio, defined as the ratio of total net funded debt to Consolidated EBITDA, of no greater than 2.50 to 1.00 or, during certain periods, 3.25 to 1.00, subject to the Company maintaining a maximum senior secured net leverage ratio, defined as the ratio of senior secured net debt to Consolidated EBITDA, of no greater than 2.00 to 1.00. Capitalized terms used in this paragraph are used as defined in the Cash Flow Credit Agreement.
During the fourth quarter of 2025, the Company purchased $50 million principal amount of its 4.75% convertible senior notes due April 1, 2026 (the “2026 Notes”) with cash on-hand. As of December 31, 2025, $53 million principal amount of the 2026 Notes remained outstanding and cash on-hand totaled $70 million. No borrowings were outstanding under the Cash Flow Credit Agreement as of January 28, 2026. The Company intends to extinguish the remaining 2026 Notes with a combination of cash on-hand and/or borrowings under the Cash Flow Credit Agreement.
About Oil States
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, industrial and military sectors. The Company’s manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange and NYSE Texas under the symbol “OIS”.
For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com.
Cautionary Language Concerning Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the impact of changes in tariffs and duties on imported materials and exported finished goods, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, geopolitical conflicts and tensions, the financial health of our customers, the actions of the Organization of Petroleum Exporting Countries (“OPEC”) and other producing nations (together with OPEC, “OPEC+”) with respect to crude oil production levels and pricing, supply chain disruptions, including as a result of natural disasters, industrial accidents, additional trade restrictions or the adoption of or increase in tariffs, or the threat thereof, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, consolidation of our customers, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the “Business” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the subsequently filed Quarterly Reports on Form 10-Q and Periodic Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260128190544/en/
Company Contact:
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
Original: Oil States Enters Into New Credit Agreement
frenchee
18年前
Oil States Announces First Quarter Earnings of $1.31 per Share
HOUSTON, April 29 /PRNewswire-FirstCall/ -- Oil States International, Inc. (NYSE: OIS) today reported net income for the quarter ended March 31, 2008 of $66.5 million, or $1.31 per diluted share, compared to $52.5 million, or $1.05 per diluted share, reported in the first quarter of 2007. Oil States recognized year-over-year growth in revenues and EBITDA (defined as net income plus interest, taxes, depreciation and amortization) of 25% and 28%, respectively, in the first quarter of 2008.(A)
Significant year-over-year improvements in our oil sands accommodations business, increased profitability in our Offshore Products segment and contributions from two rental tool acquisitions completed during the third quarter of 2007 along with increased activity in Tubular Services led to revenue and EBITDA growth in the first quarter of 2008. During the quarter, the Company generated $601.2 million of revenues and $125.8 million of EBITDA compared to $480.5 million and $98.0 million, respectively, in the first quarter of 2007. Consolidated operating income in the first quarter of 2008 was $101.3 million compared to $82.9 million for the corresponding quarter of 2007.
The Company recognized an effective tax rate of 32.7% in the first quarter of 2008 compared to 34.1% in the first quarter of 2007. The lower effective tax rate in the first quarter of 2008 was primarily due to lower tax rates applicable to foreign income. The Company spent $60.8 million in capital expenditures during the first quarter of 2008 primarily related to expansions to our rental tool operations and on-going construction of the recently announced Conklin Lodge as well as continued expansion at Wapasu Lodge, both of which serve customers in the oil sands region of Canada.
frenchee
18年前
Oil States Acquires Oil Sands Lodge
HOUSTON, Feb. 4 /PRNewswire-FirstCall/ -- Oil States International, Inc. (NYSE: OIS) today announced that its Canadian subsidiary, PTI Group Inc., has purchased all of the equity of Christina Lake Enterprises Ltd., the owners of a high-end lodge ("Christina Lake Lodge") in the Conklin area of Alberta, Canada. Ideally situated on over 40 acres, Christina Lake Lodge provides upscale lodging and catering for up to 92 people in the southern area of the oil sands region and can be expanded to accommodate future growth. Consideration for the lodge consisted of C$6.5 million in cash, funded from borrowings under the Company's existing credit facility, and is subject to post-closing working capital adjustments. For its fiscal year ended October 31, 2007, Christina Lake Lodge generated approximately C$3.9 million of revenues.
"We are excited to complete the acquisition of Christina Lake Lodge which expands our accommodations offerings into the southern oil sands area," stated Cindy B. Taylor, Oil States' president and chief executive officer. "We are pleased to add high quality accommodations and services to support our customers' growing SAGD developments in the area."
Oil States International, Inc. is a diversified oilfield services company. With locations around the world, Oil States is a leading manufacturer of products for deepwater production facilities and subsea pipelines, and a leading supplier of a broad range of services to the oil and gas industry, including production-related rental tools, work force accommodations and logistics, oil country tubular goods distribution and land drilling services. Oil States is organized in three business segments -- Offshore Products, Tubular Services and Well Site Services, and is publicly traded on the New York Stock Exchange under the symbol OIS. For more information on the Company, please visit Oil States International's website at http://www.oilstatesintl.com.
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included in the presentation will be based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Business" section of the Form 10-K for the year ended December 31, 2006 filed by Oil States with the SEC on February 28, 2007.
frenchee
19年前
A Misunderstood Energy Stock
By NAUREEN S. MALIK
Correction:
OIL STATES INTERNATIONAL COULD POSSIBLY be the most misunderstood company among the providers of equipment and services to oil and gas producers.
The stock lately has been thrown out with other energy-service providers whose fortunes are more closely tied to the vagaries of commodity prices. Its shares have tumbled 36% since early October's record high.
But Oil States is more of a mini conglomerate that has consistently generated double-digit earnings growth from diverse product offerings that range from tubing used to extract oil and gas to on-site lodging for workers. Its deepwater drilling and lodging segments are two hot areas of the energy sector that offer opportunities for strong earnings visibility and growth in the coming year.
The company, more than many of its competitors, has the flexibility to shift its focus from gas to oil and toward products that are in demand.
Right now that means downplaying rental equipment and tubing to focus more offshore production and worker accommodations.
Oil States has a record backlog in deepwater drilling contracts and is the leading provider of traditional remote-site housing and executive lodging (including suites for middle and upper management, recreation facilities and meeting rooms) in Canadian oil sands.
A third-quarter earnings miss, partially due to margin pressure and news that Alberta is raising taxes on production out of its oil sands, sent investors scurrying. That put an abrupt end to this year's rally. Shares, which traded at $25 in January, then raced to an all-time high of $50.98 on Oct. 10, closed at $32.76 on Tuesday.
At a Glance
Oil States International
Stock Price: $32.76
52-Wk High: $50.98
52-Wk Low: $26.92
Market Cap: $1.64 billion
Est. 2008 EPS: $4.08
2008 P/E: 8x
Est. Long-Term EPS Growth: * N/A
Est. ('08/'07) EPS Growth: 37%
Revenue (trailing 12 months): $1.99 billion
Dividend Yield: None
Chief Executive Officer: Cindy B. Taylor
Headquarters: Houston, Texas
* Based on analyst estimates looking ahead three to five years.
Sources: Yahoo! Finance, Thomson First Call, Thomson Financial/BaselineThis pullback is overdone.
Alex Roepers, president of Atlantic Investment Management, says Oil States is "in the penalty box because they missed the exact [earnings per share] number, but the overall story doesn't change."
The company generates $2 billion in revenues and is expected to earn over $4 per share in 2008, Roepers says.
Plus, with strong cash flow and a solid balance sheet the company can grow organically by adding new products as well as by acquisitions. Oil States continues to repurchase shares and could step up this effort given recent share-price weakness.
Looking at the valuation, Roepers says: "My God, it's a steal." He sold off a chunk of his firm's position earlier this year only to buy it back and more in the $30-range.
The price-to-earnings multiple has contracted from around 12 times earnings estimates for the next four quarters to 8 times.
Analysts surveyed by Thomson Financial expect the stock to gain 36% over the next twelve months. Roepers think shares could leap more than 80% if the valuation expands back to 12 times.
Oil States operates under three business segments: offshore products (21% of earnings before interest, taxes, depreciation and amortization), well site services (66%) and tubular services (13%).
Cindy Taylor, the chief executive officer and president of Oil States, says that about half of the company's earnings are driven from natural gas economics in North America.
While this is important, she says the stock market is writing off the company as a small-cap pure play in this space and overlooking "significant drivers tied to crude oil economics" through growth in global deepwater infrastructure and supporting development activity.
The higher royalty payments in Alberta sparked a knee-jerk sell reaction among investors, but Oil States' Taylor says that "it is our belief that the projects that are underway currently are going to move forward and that they aren't going to be abandoned."
In a month or so, she will have a better idea of the impact the tax will have on marginal projects for development in 2010 and 2011. The royalty payments would max out at 9% if oil reached the price of $120 per barrel but dwindle would down to zero if oil fell to $55 a barrel, she notes.
To date, 40 million Canadian dollars have been spent in the region and C$80 million is expected to be spent between 2006 and 2014. Camp and catering work is expected to be 2%-3% of that. Taylor says that Oil States is a leader in those services with very little competition.
While rentals of housing units may vary from month-to-month, Roepers says it is fairly stable with similarities to a "hotel business with large corporate clients that reserve large blocks."
The company's accommodation unit will generate 30% of earnings before interest and taxes in 2008, up from 20% in 2004, says Curtis Trimble, oilfield-services analyst at Canaccord Adams.
In the near-term, meeting the lowered fourth-quarter guidance and completing an oil sands accommodations project on budget early next year would fire up the stock, says Trimble.
CEO Taylor notes that the third-quarter numbers fell at the low end of guidance due in part to a favorable tax benefit and share dilution from convertible notes but undercut Wall Street estimates.
RBC Capital Markets analyst Victor Marchon says the offshore product unit is nearing revenue capacity and corporate moves to expand this business "underscores that [management] feels comfortable that the longer demand is there." This includes demand for flex joints and other connection pieces used for offshore infrastructure.
Oil States will likely bolster this business through cash-conscious acquisitions that are immediately accretive, he notes.
Meanwhile, a subdued natural gas market this summer, which was due to high inventory levels, will likely mean that production activity will not face a historical drop off in the fourth quarter notes Marchon.
To be sure, a sharp pullback in commodity prices, a warm winter or a recession could hurt producers' demand for services and Oil States profitability.
But even in a tough environment, Oil States' diverse business units offer a defensive play with limited downside risk and strong potential for returns. And that could prove beneficial for investors drilling beneath the surface of a turbulent market.
lowman
21年前
Oil States Agrees to Combine Its Workover Business With Boots & Coots
Monday November 21, 6:56 pm ET
HOUSTON, Nov. 21 /PRNewswire-FirstCall/ -- Oil States International, Inc. (NYSE: OIS - News) announced today that one of its subsidiaries has signed a definitive agreement to combine its hydraulic workover business ("HWC") with Boots & Coots International Well Control, Inc. (Amex: WEL - News) in exchange for 26.5 million shares of Boots & Coots common stock and senior subordinated promissory notes totaling $15.0 million. The transaction is subject to the approval of Boots & Coots' shareholders and is expected to close in the first half of 2006.
HWC, based in Houma Louisiana, provides live and dead well workover services throughout the world, utilizing a fleet of 29 owned and operated hydraulic workover units. HWC currently has operations in the U.S., Venezuela, Algeria, West Africa, and the Middle East. For the year ended December 31, 2004, HWC generated approximately $34 million in revenues and $4 million in EBITDA(A) which were included in the results of Oil States' Well Site Services segment.
"The transaction will create a worldwide, integrated leader in pressure control and blowout prevention services, providing enhanced growth opportunities for the combined business," stated Douglas E. Swanson, president and chief executive officer of Oil States. "We expect the transaction to be fairly neutral to our net income and earnings per diluted share in the near term. However, the combination has the possibility of creating incremental value for Oil States."
Upon the closing of the transaction, Oil States will own approximately 44% of the combined company and will receive senior subordinated promissory notes totaling $15.0 million in aggregate principal from Boots & Coots bearing a fixed annual interest rate of 10% and maturing four and one half years from the closing of the transaction. In addition, Oil States has the right under the transaction agreement to nominate three additional members to Boots & Coots' existing five-member Board of Directors.
Oil States International, Inc. is a diversified oilfield services company. With locations around the world, Oil States is a leading manufacturer of products for deepwater production facilities and subsea pipelines, and a leading supplier of a broad range of services to the oil and gas industry, including production-related rental tools, work force accommodations and logistics, oil country tubular goods distribution, hydraulic workover services and land drilling services. Oil States is organized in three business segments -- Offshore Products, Tubular Services and Well Site Services, and is publicly traded on the New York Stock Exchange under the symbol OIS. For more information on the Company, please visit Oil States International's website at http://www.oilstatesintl.com .
The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Business" section of the Form 10-K for the year ended December 31, 2004 filed by Oil States with the SEC on March 2, 2005.
(A) The term EBITDA consists of net income plus interest, taxes,
depreciation and amortization. EBITDA is not a measure of financial
performance under generally accepted accounting principles. You
should not consider it in isolation from or as a substitute for net
income or cash flow measures prepared in accordance with generally
accepted accounting principles or as a measure of profitability or
liquidity. Additionally, EBITDA may not be comparable to other
similarly titled measures of other companies. The Company has
included EBITDA as a supplemental disclosure because its management
believes that EBITDA provides useful information regarding our
ability to service debt and to fund capital expenditures and provides
investors a helpful measure for comparing its operating performance
with the performance of other companies that have different financing
and capital structures or tax rates. The Company uses EBITDA to
compare and to monitor the performance of its business segments to
other comparable public companies and as a benchmark for the award of
incentive compensation under its annual incentive compensation plan.