Drilling Deeper Into Gulfmark
With oil prices on a boil, Gulfmark Offshore (GLF), which provides offshore marine services to oil and Natural gas companies, has been a key beneficiary. The stock has doubled in the past two years. In February this year, the stock broke above its 50-day and 200-day moving averages and has rallied about 40% in the past 2 1/2 months, touching an all-time high last week. Currently, the stock is trading at $57.88, about 10.37 times its 2008 estimates.
The company reports first quarter results before the market opens on April 30, 2008. Analysts expect the company to report earnings of $1.10 a share. In the last 60 days, analysts have revised up earnings estimates for Gulfmark Offshore by a penny to $1.10 for the first quarter and by 11 cents to $5.58 for the full year.