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Strategies & Market Trends : Contrarian Investing

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To: gcrispin who wrote (182)	9/16/2006 6:44:42 PM
From: bruwin	Read Replies (1) of 4080

Hi gcrispin ... nice to see you visiting this Board. Seeing as you ask about PTEN ... I agree that PTEN has pretty good fundamentals. The only slight negative I could find was a modest fall off in the percentage growth of PTEN’s EPS in its latest Quarterly, but that’s not too serious. I’m rather puzzled to see the 40% fall in its price since Jan.’06. At a current P/E of 7 it doesn’t look expensive relative to its sector companies. Needless to say, my comments are based on what I see in the Financial Statements. I haven’t gone into PTEN’s history or latest news etc.., so I’d be interested to read what you, or others, believe caused its recent fall in price. If we look back to January this year, PTEN’s price was about $38 and its EPS was about $2.20. That gave a P/E of 17.3 which was probably considered high for companies in PTEN’s line of business. Possibly that initiated the fall in price. If that was the case, then PTEN may be a good buy at its current P/E. bruwin.

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