Stock of the Day

March 23, 2020

Patterson-UTI Energy (PTEN)

$11.50
+$0.19 (+1.7%)
Market Cap: $4.31B

About Patterson-UTI Energy

Patterson-UTI Energy, Inc., through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries. The Completion Services segment offers services for hydraulic fracturing, wireline and pumping, completion support, and cementing; and involved in the power solutions natural gas fueling, and logistics and storage businesses. The Drilling Products segment manufactures and distributes drill bits for energy and mining markets. It also provides software and services, such as MWD Survey FDIR, a data analytics technology to analyze MWD survey data in real-time and identify the position of a well; HiFi Nav, which enhances FDIR by targeting improved vertical placement of the directional well within the reservoir; HiFi Guidance, utilizes trajectory optimization to determine optimal steering recommendations and placement within the reservoir; and rents oilfield tools. The company was founded in 1978 and is headquartered in Houston, Texas.

Today's Trend

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) shares have decreased as investors weigh mixed earnings-estimate revisions ahead of the company’s third-quarter results. Analysts raised several longer-term forecasts, but the continued “Hold” rating and a lowered near-term estimate may be tempering sentiment.

  • Zacks Research increased its FY2027 EPS forecast to $0.12 from $0.08 and raised estimates for Q2 2027 and Q4 2027 to $0.05 and $0.06, respectively. These revisions suggest improved expectations for Patterson-UTI Energy’s earnings recovery. Zacks Research earnings estimates
  • Patterson-UTI Energy will hold its third-quarter earnings conference call on October 29, giving investors a forthcoming update on drilling activity, operating conditions and management’s outlook. The announcement itself provided no new financial or operational results. Patterson-UTI Energy third-quarter earnings conference call announcement
  • Zacks Research lowered its Q1 2028 EPS estimate to $0.09 from $0.10. It also maintains a “Hold” rating, while the consensus forecast calls for a $0.01 loss per share for the current full year, limiting the positive impact from the higher 2027 projections. PTEN stock earnings forecast update
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