Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, and West Virginia. As of December 31, 2020, this segment had a drilling fleet of 210 marketable land-based drilling rigs. The Pressure Pumping Services segment offers pressure pumping services that consist of well stimulation for the completion of new wells and remedial work on existing wells, as well as hydraulic fracturing, cementing, and acid pumping services in Texas and the Appalachian region. The Directional Drilling Services segment provides a suite of directional drilling services, including directional drilling and measurement-while-drilling services; supply and rental of downhole performance motors and wireline steering tools; and services that enhance the accuracy of horizontal wellbore placement. It also service equipment to drilling contractors, as well as provides electrical controls and automation to the energy, marine, and mining industries in North America and other markets; and owns and invests in oil and natural gas assets as a non-operating working interest owner located principally in Texas and New Mexico. The company was founded in 1978 and is headquartered in Houston, Texas.
IPO Year: 1993
Exchange: NASDAQ
Website: patenergy.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 1/6/2025 | Strong Buy → Mkt Perform | Raymond James | |
| 12/13/2024 | $11.00 → $10.00 | Neutral → Buy | Goldman |
| 1/16/2024 | Buy → Hold | The Benchmark Company | |
| 12/19/2023 | $12.00 | Neutral | Goldman |
| 10/17/2023 | $20.00 → $17.00 | Overweight → Equal-Weight | Morgan Stanley |
| 10/16/2023 | $14.00 → $16.00 | Neutral → Buy | BofA Securities |
| 10/9/2023 | $15.00 → $18.00 | Neutral → Buy | Citigroup |
| 9/5/2023 | $19.00 | Buy | Stifel |
| 7/19/2023 | Hold → Buy | The Benchmark Company | |
| 7/10/2023 | $19.00 | Sector Perform → Outperform | RBC Capital Mkts |
HOUSTON, TX / ACCESSWIRE / January 14, 2025 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) will host a conference call on Thursday, February 6, 2025, at 9:00 a.m. Central Time to discuss results for the fourth quarter ended December 31, 2024.Participants can access the call by dialing (800) 715-9871 in North America or (646) 307-1963 if International and referencing Conference ID 3030069. The call will also be webcast and can be accessed through a link in the Investors section of the Company's website at investor.patenergy.com. A replay of the conference call will be available on the Company's website for two weeks.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completion
HOUSTON, TEXAS / ACCESSWIRE / January 6, 2025 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of December 2024, the Company had an average of 104 drilling rigs operating in the United States. For the three months ended December 31, 2024, the Company had an average of 105 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 th
HOUSTON, TEXAS / ACCESSWIRE / December 5, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of November 2024, the Company had an average of 105 drilling rigs operating in the United States. For the two months ended November 30, 2024, the Company had an average of 105 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 tha
HOUSTON, TX / ACCESSWIRE / November 5, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of October 2024, the Company had an average of 105 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
HOUSTON, TX / ACCESSWIRE / October 23, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended September 30, 2024.Third Quarter 2024 Financial ResultsTotal revenue of $1.4 billionNet loss attributable to common stockholders of $979 million, or $2.50 per shareIncludes an $885 million goodwill impairment, a $114 million asset retirement charge for rigs we are no longer marketing, and $7 million in merger and integration expensesAdjusted net income attributable to common stockholders of $2 million, or $0.00 per shareExcludes goodwill impairment, asset retirement charge, and merger and integration expensesAdjusted EBITDA of $275 millionExcludes good
HOUSTON, TX / ACCESSWIRE / October 14, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) will host a conference call on Thursday, October 24, 2024, at 9:00 a.m. Central Time to discuss results for the third quarter ended September 30, 2024.Participants can access the call by dialing (800) 715-9871 in North America or (646) 307-1963 if International and referencing Conference ID 1337733. The call will also be webcast and can be accessed through a link in the Investors section of the Company's website at investor.patenergy.com. A replay of the conference call will be available on the Company's website for two weeks.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completion
HOUSTON, TX / ACCESSWIRE / October 3, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of September 2024, the Company had an average of 107 drilling rigs operating in the United States. For the three months ended September 30, 2024, the Company had an average of 107 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 tha
HOUSTON, TX / ACCESSWIRE / September 30, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) ("Patterson-UTI" or "the Company") today announced that its subsidiary, Patterson-UTI TW Holdings LLC, has signed the previously announced joint venture agreement with a subsidiary of ADNOC Drilling, the largest national drilling contractor in the Middle East and the sole provider of drilling rig services in the Emirate of Abu Dhabi. As part of the agreement, Patterson-UTI will hold a 15% minority equity interest in Turnwell Industries LLC OPC ("Turnwell"), a company recently formed by ADNOC Drilling. Turnwell has been awarded a contract to drill and complete 144 unconventional wells for Abu Dhabi Nation
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 pa
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.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 fi
HOUSTON , TX / ACCESSWIRE / April 1, 2022 / PATTERSON-UTI ENERGY, INC (NASDAQ:PTEN) today announced that Julie J. Robertson and Cesar Jaime have been appointed to the Company's Board of Directors. With these appointments, the Patterson-UTI Board has been expanded to eight members.Ms. Robertson has more than 40 years of operational, executive, administrative and human resource experience at one of the world's largest offshore drilling companies, including having served as its Executive Chair, Chair of the Board, President and Chief Executive Officer.Mr. Jaime has 30 years of experience in international oil field services in Latin America, Europe and Africa for the largest international oil fi
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Raymond James downgraded Patterson-UTI from Strong Buy to Mkt Perform
Goldman upgraded Patterson-UTI from Neutral to Buy and set a new price target of $10.00 from $11.00 previously
The Benchmark Company downgraded Patterson-UTI from Buy to Hold
Goldman initiated coverage of Patterson-UTI with a rating of Neutral and set a new price target of $12.00
Morgan Stanley downgraded Patterson-UTI from Overweight to Equal-Weight and set a new price target of $17.00 from $20.00 previously
BofA Securities upgraded Patterson-UTI from Neutral to Buy and set a new price target of $16.00 from $14.00 previously
Citigroup upgraded Patterson-UTI from Neutral to Buy and set a new price target of $18.00 from $15.00 previously
Stifel initiated coverage of Patterson-UTI with a rating of Buy and set a new price target of $19.00
The Benchmark Company upgraded Patterson-UTI from Hold to Buy
RBC Capital Mkts upgraded Patterson-UTI from Sector Perform to Outperform and set a new price target of $19.00
HOUSTON, TX / ACCESSWIRE / January 14, 2025 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) will host a conference call on Thursday, February 6, 2025, at 9:00 a.m. Central Time to discuss results for the fourth quarter ended December 31, 2024.Participants can access the call by dialing (800) 715-9871 in North America or (646) 307-1963 if International and referencing Conference ID 3030069. The call will also be webcast and can be accessed through a link in the Investors section of the Company's website at investor.patenergy.com. A replay of the conference call will be available on the Company's website for two weeks.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completion
HOUSTON, TX / ACCESSWIRE / October 23, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended September 30, 2024.Third Quarter 2024 Financial ResultsTotal revenue of $1.4 billionNet loss attributable to common stockholders of $979 million, or $2.50 per shareIncludes an $885 million goodwill impairment, a $114 million asset retirement charge for rigs we are no longer marketing, and $7 million in merger and integration expensesAdjusted net income attributable to common stockholders of $2 million, or $0.00 per shareExcludes goodwill impairment, asset retirement charge, and merger and integration expensesAdjusted EBITDA of $275 millionExcludes good
HOUSTON, TX / ACCESSWIRE / October 14, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) will host a conference call on Thursday, October 24, 2024, at 9:00 a.m. Central Time to discuss results for the third quarter ended September 30, 2024.Participants can access the call by dialing (800) 715-9871 in North America or (646) 307-1963 if International and referencing Conference ID 1337733. The call will also be webcast and can be accessed through a link in the Investors section of the Company's website at investor.patenergy.com. A replay of the conference call will be available on the Company's website for two weeks.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completion
HOUSTON, TX / ACCESSWIRE / July 24, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended June 30, 2024.Second Quarter 2024 Financial ResultsTotal revenue of $1.3 billionNet income attributable to common stockholders of $11 million, or $0.03 per shareIncludes $11 million in merger and integration expensesAdjusted EBITDA of $324 millionExcludes merger and integration expensesOther Key ItemsYear-to-date through June 30, 2024: Cash from Operations of $563 million, Free Cash Flow of $206 millionReturned $164 million to shareholders in the second quarter and $295 million in the first half of the year; confirmed expectation to return at least $400 m
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. Central Time to discuss results for the second quarter ended June 30, 2024.Participants can access the call by dialing (800) 715-9871 in North America or (646) 307-1963 if International and referencing Conference ID 8671416. The call will also be webcast and can be accessed through a link in the Investors section of the Company's website at investor.patenergy.com. A replay of the conference call will be available on the Company's website for two weeks.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completion services
HOUSTON, TX / ACCESSWIRE / May 1, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended March 31, 2024.First Quarter 2024 Financial Results and Other Key ItemsTotal revenue of $1.5 billionNet income attributable to common stockholders of $51 million, or $0.13 per shareIncludes $12 million in merger and integration expensesAdjusted net income attributable to common stockholders of $61 million, or $0.15 per shareExcludes merger and integration expensesAdjusted EBITDA of $375 millionExcludes merger and integration expensesCash from Operations of $366 million, Free Cash Flow of $139 millionAchieved annualized synergy target of $200 million from th
HOUSTON, TX / ACCESSWIRE / April 8, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) will host a conference call on Thursday, May 2, 2024, at 9:00 a.m. Central Time to discuss results for the first quarter ended March 31, 2024.Participants can access the call by dialing (888) 550-5422 in North America or (646) 960-0676 if International and referencing Conference ID 3822955. The call will also be webcast and can be accessed through a link in the Investors section of the Company's website at investor.patenergy.com. A replay of the conference call will be available on the Company's website for two weeks.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completion services to
HOUSTON, TX / ACCESSWIRE / February 14, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended December 31, 2023.Fourth Quarter 2023 Financial Results and Other Key ItemsTotal revenue of $1.58 billionNet income attributable to common stockholders of $62 million, or $0.15 per shareIncludes $20 million in merger and integration expensesAdjusted net income attributable to common stockholders of $78 million, or $0.19 per shareExcludes merger and integration expensesAdjusted EBITDA of $409 millionExcludes merger and integration expensesCash from Operations of $453 million, Free Cash Flow of $247 millionReturned $110 million to shareholders in the fo
HOUSTON, TX / ACCESSWIRE / January 19, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) will host a conference call on Thursday, February 15, 2024, at 9:00 a.m. Central Time to discuss results for the fourth quarter ended December 31, 2023.Participants can access the call by dialing (888) 550-5422 in North America or (646) 960-0676 if International and referencing Conference ID 3822955. The call will also be webcast and can be accessed through a link in the Investors section of the Company's website at investor.patenergy.com. A replay of the conference call will be available on the Company's website for two weeks.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completio
HOUSTON, TX / ACCESSWIRE / November 7, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended September 30, 2023.Reported financial results for the quarter ended September 30, 2023 include:A full quarter of Patterson-UTI operations, including:30 days from NexTier Oilfield Solutions, beginning on September 1, 2023, through the end of the quarter48 days from Ulterra Drilling Technologies, beginning on August 14, 2023, through the end of the quarterThird Quarter 2023 Financial Results and Other Key ItemsTotal revenue of $1.0 billionNet income attributable to common stockholders of $0.1 million, or $0.00 per shareIncludes $70 million in merger and
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