RE:ESN
The whole sector is trending lower today, oil+gas have come down, what part are u having trouble understanding?
Coming out of a downturn is not easy, sentiment remains awful. When people wish to sell ESN @ a valuation of around .40x tangible book value then we are happy to add to our position. Not looking to be agressive, we are stacked on the order book all the way down to .40. Cheapest energy service company except for CET CN which trades under .20x book val. The difference being ESN has around 40 mil avail on their revolver.