Hunting (HTG) – Update suggests it’s still looking good but shares start to look pricey vs
The international energy services group reassured with its trading update ahead of interim results due on 30th August.
In summary it’s on line to meet to expectations – consensus for full year ending 31st December 2012 pre-tax of £109m, eps of 59.77 (PER 12.6x) - but given falls in the US the sahres are starting to look pricey vs some US peers?
Within Well Construction (2011 Revenue £327m, operating profit £41.2m) Hunting’s Drilling Tools platform has seen steady demand for its products in the reporting period. Facilities in Conroe, Latrobe and Casper commissioned in early 2011 are now established and capturing business in the major US shale plays. The newly branded Advanced Manufacturing Group, is also attracting interest. At Premium Connections, the product line continues to benefit from shale activities in the US and gathering momentum in the Gulf of Mexico and South East Asia. In Well Completion Hunting (2011 Revenue £194.5m, operating profit £28.5m) Titan is delivering results in line with…