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Patterson-UTI Energy Inc. (PTEN) Q3 2023 Earnings Call Transcript

Patterson-UTI Energy (PTEN) beat the Zacks Consensus Estimate for earnings thrice in the last four quarters and met in the other, resulting in an earnings surprise of 20.5%, on average.

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HOUSTON, TX / ACCESSWIRE / October 5, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) will host a conference call on Wednesday, November 8, 2023, at 9:00 a.m.

PTEN made it to the Zacks Rank #1 (Strong Buy) income stock list on October 5, 2023.

Patterson-UTI Energy (PTEN) trades at tight multiples relative to its assets and cash flows, presenting potential to unlock risk capital. Demand for PTEN's services is high due to increased oil and gas prices and a shortage of Tier-1 rigs. PTEN has committed to returning 50% of its free cash flow to shareholders through dividends and buybacks, and its merger with NexTier Oilfield Solutions offers additional upside potential.

Patterson-UTI (PTEN) and NexTier Oilfield Solutions complete their merger to create a leading U.S. drilling and completions provider.

Patterson-UTI (PTEN) reported earnings 30 days ago. What's next for the stock?

Patterson-UTI (PTEN) is set to benefit from Ulterra's drill bit technology and its cutting-edge data insights as a result of its Ulterra acquisition deal.

Patterson-UTI (PTEN) reduces capex to $485 million for second-half 2023, targeting $280 million for contract drilling, $140 million for pressure pumping and $20 million for directional drilling in Q3.