Thursday, March 22, 2001, 3:00 PM EST
BJ Services Declares Plans for Stock Split
Oil industry service provider BJ Services Co (NYSE:BJS) announced on Thursday during regular trading that its board of directors approved a 2-for-1 stock split, payable in the form of a 100 percent stock dividend. The distribution date is set for May 31, 2001, however, the split is contingent upon approval from the stockholders to increase the authorized shares; a special stockholder meeting will be held on May 10, 2001.
BJ Services currently has 82.1 million shares outstanding, 71.4 million in the float, and 160 million authorized. The last stock split announced by the Company was a 2:1 in February of 1998.
Earlier this month BJ Services and Canada's Precision Drilling Corp. landed a 270 million dollar deal with Petroleos Mexicanos, Mexico's state oil company. The project is expected to commence in May and should be completed in two years.
Shares of BJS were down 2.75 percent to $72.84 in midday trading on the New York Stock Exchange and volume was average today at 1.6 million shares. The 52-week price trading range is $48 - $86.20.
BJ Services is currently a SplitTrader candidate and analysts will continue to monitor trading for any lucrative play opportunities for the duration of the split run. Please check back for updates.
About the Company:
Byron Jackson Company is a $1.5 billion provider of pumping services all over the world. Offering an attractive array of oilfield related businesses providing specialized pressure pumping skills. Byron Jackson embarked on building oilfield pumps in 1872 and has flourished through a succession of owners, product lines, and has become an industry leader. BJ Services' core business consists of cementing, stimulation and coiled tubing services.
For further details, be sure to check out the complete profile located on the site.