UPDATE: Williams Financial Group Initiates Oil States International at Buy on Oil Upside Visibility
Williams Financial Group initiated coverage on Oil States International (NYSE: OIS) with a Buy rating and price target of $112.
Williams Financial Group noted, "OIS has created a reputation for execution across multiple business lines and geographies in a challenging market. We credit the largest segment, Accommodations, which generates half of company EBITDA and has incredible revenue visibility (94% in 2012, 74% in 2013, and OIS just signed a 10‐year agreement). Growth has occurred organically and through M&A and our positive bias toward the segment is a result of leverage to Canada oil sands and Australia mining projects, and less so to the US land rig count."
Oil States International closed at $5.86 on Thursday.
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