Patterson-UTI: Buy the Cash-Flow Story, Not a Data-Center Pivot
Patterson-UTI (PTEN) trades like a capital-return vehicle more than a growth story. With $289M in free cash flow, an EV/EBITDA of 4.6, a dividend yield near 3.7% and a large remaining repurchase authorization, the company can choose to buy back stock or sustain the dividend instead of chasing higher-risk diversification. The trade: go long for a mi…