This content is from: Research
Energy - Oil Services & Equipment: Second
James Crandell moved from Barclays Capital to Dahlman Rose & Co. in February but holds steady in the No. 2 spot, for a second straight year. The analyst knows the management teams very well and understands how they think and act, explains one impressed client. A five-minute call with him is worth hours of hard work. Crandell initiated coverage on Patterson-UTI Energy in March with a buy, at $27.24, because he thought its North American drilling business would stay strong this year and next. Shares of the Houston-based onshore-drilling-services provider rose to $33.71 in late July before being dragged down by market turmoil; by the end of August, they had sunk to $24.44, for a decline of 10.3 percent; during the same period the sector fell 13.4 percent. Crandell remains bullish.