Patterson-UTI Q3 Revenue of $1.30B Falls Just Short of Estimates
PTEN has more than doubled off its 52-week low of $5.24.
Summary
Patterson-UTI returned to profit in Q3, posting revenue of $1.30 billion, which missed the IBES consensus of $1.307 billion by a hair — a rounding-error miss, not a demand collapse. Net income came in at $28 million, and the company declared a $0.10 quarterly dividend. The company also guided to Q4 segment profits. The stock sits near its 52-week high of $13.39, so expectations were elevated going into this print; a slight top-line shortfall against that backdrop is the main risk to the recent run. This follows the September investor presentation guiding to 104 active U.S. rigs exiting Q3 and roughly $600 million in capex, so rig count and margin detail on the call will matter more than the revenue line itself.
At the time of this announcement, PTEN was trading at $12.79 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $4.8B. The 52-week trading range was $5.24 to $13.39. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.