Patterson-UTI Energy: Q2 Earnings Insights

Shares of Patterson-UTI Energy PTEN moved higher by 2.6% in pre-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share decreased 229.41% over the past year to ($0.56), which beat the estimate of ($0.58).

Revenue of $250,380,000 declined by 62.95% from the same period last year, which beat the estimate of $239,850,000.

Outlook

Earnings guidance hasn't been issued by the company for now.

Patterson-UTI Energy hasn't issued any revenue guidance for the time being.

Conference Call Details

Date: Jul 23, 2020

Time: 10:00 AM

ET Webcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Fpatenergy.com%2Finvestors%2Fevents%2Fdefault.aspx&eventid=2399187&sessionid=1&key=EF19DFB59EB6DF9C544C41AEBDCA7E8B&regTag=&sourcepage=register

Recent Stock Performance

Company's 52-week high was at $12.05

52-week low: $1.61

Price action over last quarter: Up 45.17%

Company Description

Patterson-UTI Energy is one of the largest North America-based land rig drilling contractors. Its fleet consists of about 315 land rigs, which it markets to independents and small producers. The firm also operates a pressure pumping division and owns a small financial interest in oil and gas exploration and production assets in Texas and New Mexico.