PTEN

[setliff]

Barron's: Take profits in Patterson-UTI after strong two-year run • 5:59 PM
•It's time to lock in profits in Patterson-UTI Energy (PTEN), Barron's David Englander writes, after shares have surged 123% since July 2012.
•While drilling demand shows signs of strengthening, Englander thinks PTEN shares likely reflect much of the good prospects, trading for an enterprise value of 4.8x next year's EBITDA and above their average 4.4x multiple since 2006.
•Cowen analyst James Crandell warns to expect little improvement in dayrates from this point thanks to the aggressive adding of rigs by several contract drillers.

I say (rig increase) X constant day rates = increased profits??????????

[dan_s]

It is always hard to sell a winner.

My valuation for PTEN is $36.50.

I do think the active rig count will go up in Q3, but probably not a big jump. Maybe 50 more rigs go to work next quarter. The Canadian rig count always goes up June to December.

[gjames]

Chart still looks great on this one............look at a 5 yr chart. A break much above $34 should lead to a pretty good run.

[setliff]

imo, if we see very much of an advance above 34 we'll see a split. they have just enough authorized shares for a 2/1.