PRECISION DRILLING TRUST $25 (Toronto symbol PD.UN; Aggressive Growth Portfolio, Resources sector; Units outstanding: 125.8 million;Market cap: $3.1 billion; SI Rating: Extra risk) is Canada’s largest contract driller. It pays monthly distributions of $0.13 a unit, for a yield of 6.2%.
Precision recently offered to buy American Exchange-listed Grey Wolf Inc., which operates drilling rigs in the U.S. Gulf Coast region. Expanding outside of Canada gives Precision steadier revenue streams, as many of its Canadian customers suspend drilling during the winter.
Grey Wolf has rejected the offer, and instead plans to merge with rival Basic Energy Services, Inc. However, if Grey Wolf’s shareholders reject the merger with Basic, Precision may take its offer
directly to Grey Wolf’s shareholders.
Precision Drilling is a buy.
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