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Patterson-UTI (PTEN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Patterson-UTI (PTEN) reported earnings 30 days ago. What's next for the stock?
Patterson-UTI is cash flow positive despite U.S. oilfield activity being at a cyclical bottom. A rebound in natural gas drilling in 2025 will be a strong call on the company's premium equipment that is already in short supply. Even if gas drilling doesn't rebound soon, the generous buyback program should provide support for the stock price.
Commodity cycles require downturns to cool demand and rebalance supply. Without them, spikes in crude oil and natural gas prices may become the norm. Patterson-UTI's valuation is now about the same as past recession lows during 2020, 2009, and 2001. Any unexpected upturn in oil/gas prices should lead to sizable investor gains in PTEN. Various technical momentum indicators have been reversing higher since May, which could be a good omen price will soon follow.
HOUSTON, TX / ACCESSWIRE / August 5, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of July 2024, the Company had an average of 108 drilling rigs operating in the United States.
Patterson-UTI (PTEN) anticipates to generate 40% of its free cash flow from adjusted EBITDA by 2024.
HOUSTON, TX / ACCESSWIRE / July 24, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended June 30, 2024.
Patterson-UTI (PTEN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Patterson-UTI (PTEN) is expected to report higher revenues from the year-ago period's level. Despite this increase, the company is anticipated to see a lower bottom line due to rising costs.
HOUSTON, TX / ACCESSWIRE / July 15, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) will host a conference call on Thursday, July 25, 2024, at 9:00 a.m.