JANA Partners Becomes Oil States Largest Shareholder

JANA Partners Becomes Oil States Largest Shareholder
Image source: Bloomberg Video Screenshot

JANA Partners Becomes Oil States Largest Shareholder

JANA Partners has filed a 13D showing a 9.1 percent stake in Oil States International, Inc. (NYSE:OIS). The five million shares now owned by JANA Partners makes the activist hedge fund the largest shareholder in the company. Shares of Oil States International, Inc. (NYSE:OIS) closed today up 1.54 percent to $76.54, which makes JANA’s stake worth close to $400 million.

The 13D filed by the activist hedge fund does not indicate any requests to implement changes at the Oil and Gas Field Machinery company. Shares of the company were purchased by JANA from the beginning of April according the the filing with the SEC.

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Oil States International, Inc. is a leading provider of specialty products and services to oil and gas drilling and production companies throughout the world. The company operates in four principal business segments: accommodations, offshore products, tubular services, and well site services.

The company recently reported Q1 earnings which disappointed most analysts. First quarter operating EPS results of $1.80 were slightly below $1.83 consensus when excluding the $0.05 aftertax gain ($4.0 million) related to the reversal of an estimated earn-out liability associated with a U.S. based acquisition.

Oil States International, Inc. (NYSE:OIS)  has $187 million left on its approved share repurchase plan; remember the company has always “been a fan of being opportunistic in buying back stock.” Some think that management will buy back stock more aggressively in Q2 and Q3 of this year. With $325 million in cash on the balance sheet and approximately $1 billion of liquidity available under its current credit facilities, OIS does not have to do any balance sheet gymnastics to buy back more stock in 2013 … and increases in authorizations are easy to get.

For the three months ended 31 March 2013, Oil States International, Inc. (NYSE:OIS) revenues decreased 3% to $1.07B. Net income decreased 24% to $102.2M. Revenues reflect Tubular Services segment decrease of 8% to $393.9M, Well Site Services segment decrease of 3% to $177.6M. Net income also reflects Well Site Services segment income decrease of 21% to $32.7M, Tubular Services segment income decrease of 33% to $15M.

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