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COPYRIGHT 2003 Adams Business Media
Oil Service Group
Update--March 21, 2003
Company Description:
Maverick Tube Corporation is one of the largest U.S. manufacturers of API Oil Country Tubular Goods, API Line Pipe, ASTM Structural Tubing, ASTM Pipe Piling, and ASTM Standard Pipe. Its products are used primarily in the exploration and production of oil and gas wells. Recent acquisitions have expanded the company's product offering in the energy area (largest producer of coiled tubing for maintenance of existing wells, and sub sea completions of new wells) and industrial area (one of two large producers of steel conduit used in non residential construction).
Raising Price Target On Strong Expected Recovery In 2004
We reiterate our Buy rating on Maverick Tube Corporation (MVK) and are increasing our 12-month price target to $24 from $18 to reflect an improving outlook for North American drilling activity. We believe the North American OCTG market is poised for a recovery during the next six to 12 months as declining natural gas production coupled with an economic recovery should stimulate increasing drilling activity. MVK is a leading manufacturer of tubular products used in the energy industry, as well as industrial tubing products used in various industrial applications.
* Increasing Price Target To $24--We are introducing our 2004 EPS estimate of $1.44 that reflects an improving outlook...
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