Bronco Drilling Price Target Reduced on Lower Than Expected Earnings and Outlook
Read the full article at: http://www.themarleygroup.com/2007/02/bronco-drilling-price-target-reduced/
Submitted by TheMarleyGroup on Sun, 2007-04-01 02:52.
(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.
