I look at PSN from the view of whether I would want to own it going forward, not based on what is now history.
We do now have a general idea what kind of cash flow we can expect when conditions are difficult, so that is useful. Margins may get tighter yet, but utilization should improve as drilling increases once again.
The greatest worry right now is how much more of their accounts receivable may be in danger of being written off.
There is little doubt that PSN's glory days are behind them, but from the aspect of someone looking to buy today, I see a reasonably priced stock that should be able to continue to pay a reasonable dividend. It won't be paying 20%, but if they cut the dividend in half, it should be sustainable and would remain a very solid return on investment.
But if I were contemplating buying any serious amounts, I would probably wait until the yearend results come out. Unfortunately, that won't be for quite a while. So buying a one-third position today, with another third bought on weakness, and the last third bought after the yearend report, would seem to be a prudent strategy. There is probably no rush to buy, as yearend tax-loss selling will likely hammer the share price over the next month, and there remains much uncertainty, not only with PSN, but with macro issues as well.