Leggo my Diamond Offshore.

Q: What's trading roughly 38% under fair value?

A: Um, lemme think... Dell [DELL]?

Q: No.

A: Um.. Microsoft [MSFT]?

Q: Nope.

A: Wait, wait, I got it. United Healthcare [UNH]?

Q: Ugh. Give up?

CNBC via MSN Money: Manager targets Diamond Offshore, Grant Prideco.

Quotes:

Investors seeking bargains within the energy sector should bore down to companies that drill for oil and gas or provide equipment and services to drillers, said J.C. Waller of Icon Advisers.

Shares of companies in the drilling sector are “still trading, in our estimate, about 38% below fair value,” Waller said Tuesday on CNBC’s “Squawk on the Street.”

Waller arrives at his conclusions via a quantitative analysis that’s focused on company earnings and ignores energy-price fluctuations. “Oil companies are making money (whether) oil’s trading at 50 or 60 bucks a barrel,” he said.

[P.S. Actually, Dell might have washed out today.]