Union Drilling (UDRL +22.1%) gushes higher following an upgrade to Outperform from BMO. The firm notes UDRL has an enterprise value of just $3.5M/rig, the lowest in its coverage universe, and thinks its valuation is (or perhaps now was) barely above equipment salvage value. BMO doesn't think this makes sense, given its belief UDRL "is in little danger of failing to meet its debt obligations." Shares soared yesterday as well, thanks to a Q2 beat.
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