Bronco Drilling Price Target Reduced on Lower Than Expected Earnings and Outlook

(via www.themarleygroup.com)

Last Thursday, Bronco reported 4th Quarter earnings per share of $0.72 excluding a non-recurring charge incurred during the quarter. We had expected them to report earnings of $0.80 per share. The downside can be attributed to a drop in utilization rates in the period compared to the previous quarter and 4th Quarter 2005. Also, day rates decreased slightly from the previous quarter.