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Offshore Drillers
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From Barron's 4/23/07"With most U.S Stock market indexes near record highs, bargain-hunting investors ought to take a close look at any industry group with a rock-bottom price/earnings ratio. That means the offshore drillers, including Transocean, Diamond Offshore Drilling and GlobalSantaFe, which lease rigs to energy companies searching for oil and gas beneath the world's oceans. These and similar stocks trade for 7-to-11 times estimated 2007 earnings, and 6-to-7 times 2008 projections, among the lowest P/Es anywhere. Bulls argue the stocks look attractive because the current boom may last into the next decade. High oil and gas prices have spurred demand for offshore rigs as major energy companies bet that some of the world's biggest remaining petroleum deposits lie beneath the sea."
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