Pritchard Capital Updates 6/22

Pritchard Capital made a number of updates in a research report published today. Gulf Island Fabrication GIFI had its rating reiterated at Buy. The report states, "We reiterate our ‘Buy' recommendation on shares of GIFI as we think the company's outlook remains positive across the board. However, we note the large oil & gas award we anticipated in Q2 has likely been pushed into Q3, which in our view is inconsequential to the story... Our EPS estimates for 2011 and 2012 stand at 78c and $2.55 (versus the consensus of 90c and $2.28, respectively)." On Tuesday, Gulf Island closed the day at $29.51. Dril-Quip DRQ had its rating maintained at Buy and its price target reiterated at $94. The report states, "Although we remain concerned about the pace of rebound in the Gulf of Mexico, this order illustrates the business DRQ can realize outside the GOM... Our eps estimates for DRQ are $0.56/$2.77/$3.90 for 2Q/2011/2012, versus guidance of $0.50-$0.60 for 2Q and consensus of $0.58/$2.57/$3.74. Reiterate ‘Buy' and $94 target." On Tuesday, Dril-Quip ended the day at $64.63. Its shares lost some ground in today's pre-market trading, however, falling 0.34% to $64.41. Hornbeck Offshore Services HOS had its rating reiterated at Neutral. The report states, "Our thesis on HOS is still the same- great company with great management team and great assets caught up in a bad situation right now. The reasoning…The core market for the company, the GOM, is still in bad shape... Even though the management team continues to explore ways to improve utilization, the GOM slowdown is going to continue to affect the operating results negatively." On Tuesday, Hornbeck finished the day at $26.49.