Patterson-UTI Energy (PTEN) Releases Earnings Results, Beats Expectations By $0.04 EPS

Patterson-UTI Energy (PTEN) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $-0.58 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.04. Analysts had a consensus of $-0.62. The company posted revenue of $194.00 million in the period, compared to analysts expectations of $194.39 million. The company’s revenue was down -59.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.13 EPS.

Many Wall Street Analysts have commented on Patterson-UTI Energy. Company shares were Upgraded by Jefferies on Jul 11, 2016 to ” Buy”, Firm has raised the Price Target to $ 25 from a previous price target of $19 .Patterson-UTI Energy was Upgraded by Piper Jaffray to ” Overweight” on Jun 29, 2016. Company shares were Reiterated by Scotia Howard Weil on Jun 20, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 22 from a previous price target of $20 .

Patterson-UTI Energy closed down -0.38 points or -1.93% at $19.26 with 71,50,659 shares getting traded on Thursday. Post opening the session at $19.62, the shares hit an intraday low of $18.74 and an intraday high of $20.12 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

Patterson-UTI Energy Inc. owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling; Pressure Pumping and Oil and Natural Gas. The Company markets its contract drilling services to oil and natural gas operators in the continental United States and western and northern Canada. The Company’s Pressure Pumping segment provides pressure pumping services to oil and natural gas operators in Texas Southwest Region and the Appalachian region Northeast Region. The Company’s Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The Company’s oil and natural gas working interests are located in producing regions of Texas and New Mexico.

Patterson-UTI Energy

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