Pritchard Capital Out With Some Color On Oil Sector (NBR, PVA, CRZO, TESO)

Pritchard Capital is out with some color on various companies in the oil sector, including Nabors NBR, Penn Virginia PVA, Superior Well Services, Inc. SWSI and Carrizo Oil & Gas, Inc. CRZO. In a note to clients Pritchard Capital writes, "SWSI ($18.23-S-$22), NBR ($17.98-B-$24) – SWSI merging into NBR, SELL into the deal. NBR acquiring SWSI for $22.12 per share – 4.3x 2011 EBITDA, or ~$1,800-$1,900/HHP. Lowering rating on SWSI shares to SELL on the deal. Accretive by 40-50c in 2011 for NBR (current estimate $1.80)" "PVA ($17.31-B-$27) – Lowering PT, Maintain BUY on valuation. $27 PT in line with hard NAV, trades at EV/Proved of $1.06/Mcfe vs. group at $2.90. Production growing again following Q2 10 miss, liquids component increasing. Plenty of liquidity." "CRZO ($21.30-B-$38) – Lowering price target to $38 due to slower pace of development in Barnett. Revising 2010 EPS/CFPS estimates to $1.17/$3.19 and $2.44/$5.34 from $1.16/3.03 and $2.53/$5.67."