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For the full text of this story please click the following link: http://www.moodys.com/page/viewresearchdoc.aspx...
HOUSTON, TX / ACCESSWIRE / September 9, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of August 2024, the Company had an average of 107 drilling rigs operating in the United States. For the two months ended August 31, 2024, the Company had an average of 108 drilling rigs operating in the United States.
Average drilling rigs operating reported in the Company's monthly announcements represent the average number of the Company's drilling rigs that were earning revenue under a drilling contract in the United States. The Company cautioned that numerous factors in addition to average drilling rigs operating can impact the Company's operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the Company's financial performance. The Company intends to continue providing monthly updates on drilling rigs operating shortly after the end of each month.
About Patterson-UTI
Patterson-UTI is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized drill bit solutions in the United States, Middle East and many other regions around the world. For more information, visit www.patenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: adverse oil and natural gas industry conditions; global economic conditions, including inflationary pressures and risks of economic downturns or recessions in the United States and elsewhere; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for Patterson-UTI's services and their associated effect on rates; excess availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI's services; the impact of the ongoing conflict in Ukraine; strength and financial resources of competitors; utilization, margins and planned capital expenditures; liabilities from operational risks for which Patterson-UTI does not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business; failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technology; the ability to retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; synergies, costs and financial and operating impacts of acquisitions; difficulty in building and deploying new equipment; governmental regulation; climate legislation, regulation and other related risks; environmental, social and governance practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; the ability to effectively identify and enter new markets; public health crises, pandemics and epidemics; weather; operating costs; expansion and development trends of the oil and natural gas industry; ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; availability of capital and the ability to repay indebtedness when due; our return of capital to stockholders; stock price volatility; and compliance with covenants under Patterson-UTI's debt agreements.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website athttp://www.patenergy.comor through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) athttp://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.
Contact:
Michael Sabella Vice President, Investor Relations (281) 885-7589
Contact Information:
Michael SabellaInvestor Relationsmichael.sabella@patenergy.com 2032973732
SOURCE: Patterson-UTI
View the original press release on accesswire.comA month has gone by since the last earnings report for Patterson-UTI . Shares have lost about 13.6% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Patterson-UTI due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Patterson-UTI Q2 Earnings & Sales Miss
Patterson-UTI Energy reported second-quarter 2024 adjusted net profit of 5 cents per share, missing the Zacks Consensus Estimate of 9 cents. This underperformance was mainly due to poor contribution from the Drilling Services segment.
Total revenues of $1.3 billion missed the Zacks Consensus Estimate of $1.4 billion. However, the top line increased 77.7% year over year. This outperformance can be attributed to PTEN's increased year-over-year revenue contribution from its Completion Services segment.
Patterson, a leading provider of oilfield services and products to oil and natural gas exploration and production companies, will pay its quarterly dividend of 8 cents per share on Sep 16, 2024, to the company’s shareholders of record as of Sep 3.
PTEN returned $164 million to its shareholders in the second quarter and $295 million in the first half of the year. The Houston, TX-based oil and gas drilling company repurchased 12 million shares for $132 million in the second quarter.
Since completing the NexTier merger and Ulterra acquisition, PTEN returned a total of $407 million to its shareholders, including repurchase of 28 million shares worth $309 million in this period. The company has $819 million remaining in its share repurchase authorization as of Jun 30, 2024.
Segmental Performances
Drilling Services: Revenues in this segment totaled $440.3 million, down 10.1% from the prior-year quarter’s figure of $489.7 million. Additionally, the top line was also below our projection of $441.5 million.
Operating profit amounted to $76.1 million compared with $113.3 million in the second quarter of 2023. However, the figure marginally beat our estimate of $75.6 million. The company secured approximately $433 million in term contracts for the U.S. drilling rigs as of Jun 30, 2024.
Completion Services: This segment’s revenues of $805.4 million rose about 221.8% from the year-ago quarter’s figure of $250.2 million. However, the metric missed our projection of $860.3 million.
Operating profit totaled $10.7 million compared with $25.3 million in the second quarter of 2023. Additionally, the figure missed our estimate of $35.8 million.
Drilling Products: Revenues totaled $86.1 million, missing our estimate of $90.4 million. However, the operating profit of $8.6 million exceeded our estimate, which anticipated an operating loss of $8.4 million.
Other Services: Revenues amounted to $16.5 million, 13.2% lower than the year-ago quarter’s figure of $19 million. The figure missed our projection of $17.9 million.
Operating profit amounted to $0.4 million compared with an operating loss of $0.6 million in the second quarter of 2023. The figure beat our projection of an operating loss of $0.1 million.
Capital Expenditure & Financial Position
In the reported quarter, PTEN spent $130.5 million on capital programs compared with $132.4 million in the prior year period. As of Jun 30, 2024, the company had cash and cash equivalents worth $75 million and long-term debt of $1219.2 million. The company’s debt-to-capitalization was 20.9%.
This Zacks Rank #4 (Sell) company generated $563.4 million in cash from operations and $206 million in free cash flow. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Outlook
By 2024, the company anticipates generating free cash flow from adjusted EBITDA at a rate of 40%.
The company’s management expects relatively steady industry drilling activity compared to current levels for the rest of the year. PTEN anticipates that its customers will continue to manage their annual budgets through completion activity, likely impacting frac activity with higher-than-normal calendar white space persisting through year-end. The company also believes that much of the impact from its customer consolidation and weak natural gas prices is already reflected in current industry activity.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted -54% due to these changes.
VGM Scores
At this time, Patterson-UTI has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Patterson-UTI has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
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