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News Breaks
January 8, 2013
09:10 EDTTESOTesco downgraded to Hold from Buy at Dahlman Rose
Dahlman downgraded Tesco due to relative valuation and declining Fayetteville production.
News For TESO From The Last 14 Days
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September 17, 2014
10:00 EDTTESOOn The Fly: Analyst Initiation Summary
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September 16, 2014
16:30 EDTTESOTesco initiated with a Buy at KeyBanc
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September 9, 2014
19:07 EDTTESOWhite Eagle issues letter to Tesco board, criticizes $500M capex spending
White Eagle Partners, a shareholder of Tesco Corporation, sent a letter to the company's board criticizing management's proposed plans which suggest spending $250M in capex in tubular services over the next five years and an additional $250M for acquisitions. The letter calls on the board instead to institute a meaningful share buy-back plan in the near term. The letter said: "We were pleased to see the announcement of Quintana's planned resignation as president and CEO of Tesco Corporation. While we appreciated his work on the operational side, we were very disappointed with his flawed plans for the company. And we are particularly concerned with your announcement that we should expect "consistency in strategy" under Assing's management, who you indicate played a key role in the development of your current growth strategy. We believe that your proposed plan, which suggests $650M in capital to be deployed over the next five years, $250M for capex in tubular services, $250M for acquisitions, $100M for share buy-backs and $50M towards dividends, is flawed in a number of respects...Management expects the company to achieve $2.50 in EPS by 2018, which at current PE multiples suggest a price target north of $50 per share. If you believe your own projections, you would inevitably realize that the best allocation of capital is toward a share buy-back...We urge you to institute a meaningful share buy-back plan of at least $150M between now and your next annual meeting, which should still leave the company in a net cash position...Should you fail to modify your plans to take account of our suggestions, which we believe to be the best way to maximize shareholder value, we intend to pursue all appropriate shareholder actions to hold you accountable."

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