Land driller shares have not been treated kindly over the past month. Helmerich & Payne
There's one small driller, Bronco Drilling
I've already noted that Bronco secured a higher average dayrate for its fleet than larger competitor Unit Corp.
An important recent shift was that the chairman duties were passed to Bronco's CEO. The former chairman is staying on the board. Nothing is being upended here. I view this move as a natural progression, and a healthy one for the company.
With a dirt-cheap valuation, a solid fleet full of refurbished rigs, and a re-energized management structure, I think this driller is ready to buck its downdraft and do well by its shareholders. I'm glad that one of the savviest small-cap managers around appears to agree with me.
For related Foolishness:
- Is Unit Losing It?
- Gray Skies Over Grey Wolf?
- Precise Pain at Precision Drilling
- Meet the International Nabors