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Gold/Mining/Energy : UFAB - oil drilling deck fabrication
UFAB 3.280+1.9%Aug 14 4:00 PM EDT

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To: SargeK who wrote (307)4/12/1999 1:50:00 PM
From: andrew r harwood  Read Replies (1) of 337
 
well of course time will tell,some of these stocks have had a great run (eg global industries basically doubling from depressed levels)whilst others (eg unifab ) have not .i am expecting ( but of course i could be wrong)that they will test their lows again before its all over and then i intend to buy back global industries and hold with the expectation that over time it will get back into the mid twenties .the sector is currently extremely depressed as manifest by the lowest rig count in louisiana for many years .the whole sector has been shocked by the severity and longevity of this recent turndown in oil and gas prices and i think the industry is going to wait quite a while prior to revving up again .so it will take several months o stable to increasing oil and gas prices before the sector starts increasing spending on exploration which will impactr on the oil services industry and its profits. a lot of people are still getting laid off .some of the intermediate producers who are responsible for a great deal of drilling in the gulf like ocean energy are so submerged in debt that it will be a while before they recover and start drilling in the gulf again , indeed i beleive that ocean is not going to drill another well in the gulf this year
i happen to have purchased a very small exploration company last week based in lafayette ,it produces oil and gas and will be impacted immediately by the increase in energy prices since it does not hedge .
so personally i believe the recent rise in oil service companies stock is overdone and i think their will be another buying oppurtunity .i have descided for reasons already stated to cncentrate on global industries and not unifab .time will tell whos right arh
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