Seeking Alpha: From Russia With No Love, Lukoil Trading At A Very Low Multiple

It's easy to come up with good reasons to steer clear of Russian equities. The Russian government has shown itself perfectly willing to play fast and loose with the rule of law, corruption is still an endemic problem, and the notion of shareholder rights can be pretty iffy.

Even so, I find that some of best investment returns have come from places where the "conventional thinking" was much too bearish, and so I think it may be with Russia and its second-largest oil producer Lukoil (LUKOY.PK). Although Lukoil does need to bring new fields into production to offset declines in its Western Siberia fields, those developments are underway and the company could surprise to the upside with long-term oil production. With only a 3.5x multiple to 2014 EBITDA supporting a price target 30% above today's price and a 5%+ dividend, Lukoil appears to be meaningfully undervalued even relative to the "Russia discount".

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From Russia With No Love, Lukoil Trading At A Very Low Multiple

Seeking Alpha: Tough Conditions Burying The Quality Edge At C & J Energy Services

There's a school of thought out there that the best companies really show their stuff when their sectors come under serious pressure. While that is true in many cases, it is also true that sometimes conditions reach a point where the distinctions in company-to-company quality become effectively moot.

I believe that is what has happened to C & J Energy Services (CJES), as severe overcapacity in U.S. pressure pumping and expiring contracts have effectively overwhelmed the quality of the company's equipment and services. History suggests better days will come again, but the Street appears to already be baking that in and investors may find better bargains in other parts of the oil patch.

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Tough Conditions Burying The Quality Edge At C & J Energy Services

A Nabor-ly Deal For Superior Well Services

Give credit where credit is due - Nabors Industries (NYSE:NBR) is not messing around. Not content to just be the largest land-based driller in the world, the company is now moving more aggressively into services as well. With the acquisition of Superior Well Services (Nasdaq:SWSI), Nabors is definitely taking a significant step towards enhancing the breadth of services the company can offer. 

The Deal 
Before the open on Monday, Nabors announced that it was offering to pay $22.12 per share in cash in a tender offer for Superior Well Services. This deal has the support of Superior and roughly one-third of Superior's existing shareholders. All told, this will represent a roughly $900M cash outlay for Nabors, but the company will also be assuming over $160 million in debt on Superior's books.

For the full piece, please go to:
http://stocks.investopedia.com/stock-analysis/2010/A-Nabor-ly-Deal-For-Superior-Well-Services-SWSI-NBR-HAL-SLB-BHI-CHK-WFT-0810.aspx