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Buying BJS

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Bought 2,500 BJS at 26.27

BJS reported on 7/24, less than same quarter last year, "Canadian Breakup" cited as reason. Revenue was down 3% form the previous quarter and up 3% from the same quarter last year. This halts what had been 17% growth. They have moved some equipment from Canada to International locations and that should improve things.

Oil Services has grown profitably as energy prices have increased and companies have worked to produce more oil. I think this will resume fairly soon because of increasing global demand and limited supplies. BJS does anticipate pricing pressure in the US but they are a strong competitor and should be able to deal with it.

Looking at Price/Sales over the past 5 years, you could have made money buying this any time the Price to Sales was under 2.0 - it is 1.7 more or less which I think is a good buy point.

Monday July 30, 2007 : 10:36 AM

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