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Patterson-UTI Energy (PTEN) said that its key contract drilling unit benefited from higher daily average rig revenues as contracts were renewed at prices that were more than expected.
Good things could be on the horizon when a stock surpasses the 20-day simple moving average. How should investors react?
Patterson-UTI Energy Inc. PTEN, -6.77% provided on Wednesday an upbeat fourth-quarter earnings outlook, citing “more favorable pricing than expected” on renewals of drilling contracts. The oilfield services company said based on current projections, it expects net income to exceed $100 million, compared with the FactSet consensus of $72.4 million.
U.S. contract drilling industry has solid fundamentals for 2023. PTEN is a leading drilling contractor and is positioned to benefit if those fundamentals are maintained.
Is it a good or bad thing when a stock surpasses resistance at the 20-day simple moving average?
Patterson-UTI (PTEN) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Does Patterson-UTI (PTEN) have what it takes to be a top stock pick for momentum investors? Let's find out.
Patterson-UTI's (PTEN) third-quarter 2022 earnings and revenues top the Zacks Consensus Estimate due to solid segmental performances. The company also doubles its quarterly dividend.
FFNW, PTEN, PRTG, NTNX and GAMB have been added to the Zacks Rank #1 (Strong Buy) List on November 1, 2022.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN ) Q3 2022 Earnings Conference Call October 27, 2022 10:00 AM ET Company Participants Mike Drickamer – Vice President-Investor Relations Andy Hendricks – Chief Executive Officer Andy Smith – Chief Financial Officer Conference Call Participants Scott Gruber – Citi Luke Lemoine – Piper Sandler Derek Podhaizer – Barclays Don Crist – Johnson Rice Saurabh Pant – Bank of America Keith Mackey – RBC Sean Mitchell – Daniel Energy David Smith – Pickering Energy Partners Dan Kutz – Morgan Stanley Operator Good morning. My name is Denis and I will be your conference operator today.