Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

After graduating from Trinity College in Connecticut, I joined Eaton Vance full-time as an equity research associate. While at Eaton Vance, I completed the Chartered Financial Analyst program and earned the CFA designation. In 2013, I left Eaton Vance to join Citi Private Bank to work in the private equity research group.

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Equity Bottom-Up

<ul><li><p>Last week, I spoke to the CFO of Unit Corp and wanted to share a brief update (full notes from my call below).</p></li><li><p>The big surprise this quarter was that production GREW (+16% y/y in the quarter). I’ve become used to seeing 10% to 15% annual declines, and while management had guided that production would start to flatten out given increased drilling activity, it was still very nice to see.</p></li><li>The company is in the process of drilling 2 net new wells this year and results have been quite strong.</li></ul>

Last week, I spoke to the CFO of Unit Corp and wanted to share a brief update (full notes from my call below).The big surprise this quarter was that production GREW (+16% y/y in the quarter). I’ve become used to seeing 10% to 15% annual declines, and while management had guided that production would start to flatten out given increased drilling activity, it was still very nice to see.The company is in the process of drilling 2 net new wells this year and results have been quite strong.

Unit Corp – Updating Projections After a Strong Q2