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Fly News Breaks for February 14, 2018
PTEN
Feb 14, 2018 | 06:44 EDT
As reported earlier, BMO Capital analyst Daniel Boyd upgraded Patterson-UTI to Outperform from Market Perform with a $24 price target, saying the company is "one of the most oversold OFS stocks despite improving fundamentals". Boyd notes that while 2018 capital expenditure forecast is disappointing, the free cash flow yield of 3.7% could produce a dividend increase later this year, adding that the recent selloff was "excessive", exacerbated by crowded positioning.
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