Steven Reiman
Long/short equity, value, research analyst, small-cap

Dawson Geophysical Company: Piling Cash To The Ceiling

Thesis: Dawson Geophysical Company (NASDAQ:DWSN) (Referred to as "Dawson" for the balance of this article) is a cash rich seismic imaging company operating in the US oil & gas industry that is nearing the end of a significant capital expenditure program. Once this program is completed, investors should begin to see some of the company's cash hoard redirected into a new dividend program or stock repurchases.

Background

Dawson operates onshore in the lower 48 states of the US ("the Lower 48") and has a history that stretches back to the 1950s. Like many companies in the industry, Dawson has been profoundly impacted by the influence fracking and other new technologies have had on the economics around previously unattainable...

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