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Wednesday, February 14, 2018 8:48:08 PM
BMO believes PTEN's fundamentals are improving, and management's commentary of adding up to 200 rigs at year-end compared to 2017 implies the potential for upside to consensus estimates in H2 2018.
While the absence of a dividend increase was disappointing, BMO says the ensuing selloff was unwarranted, and the firm estimates PTEN's free cash flow yield for 2018 at 3.7%, which would rank it as one of the highest within the land-drilling space and possibly causing a 50% dividend increase in the future.
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