Patterson-UTI Q2 Revenue Beats by 7% on Strong Drilling Activity
PTEN sits 73% above its 52-week low of $5.1.
Summary
Patterson-UTI posted Q2 revenue of $1.23B, beating the $1.15B consensus by 7%, driven by higher U.S. onshore drilling and improved pricing. Adjusted net income was $1M after excluding non-cash charges. The company guided Q3 Drilling Services adjusted gross profit to ~$145M and Completion Services to ~$140M, while maintaining full-year capex at ~$600M. A $0.10 quarterly dividend was declared. This follows the May 26 guidance update that projected $220M in adjusted EBITDA for Q2, and the actual results show strong execution. The beat and solid forward guidance suggest improving demand and pricing power in the oilfield services sector.
At the time of this announcement, PTEN was trading at $8.80 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $5.10 to $13.08. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.