Patterson-UTI Energy Stock (NASDAQ: PTEN)

Patterson-UTI Energy Stock (NASDAQ:PTEN), Trade Ideas

Patterson-UTI Energy

Patterson-UTI Energy is one of the largest land rig drilling contractors in the United States and maintains moderately sized pressure pumping operations primarily in Texas and the Appalachian region, plus some modest operations in Colombia. It also provides directional drilling services and tool rental services in most U.S. onshore oil and gas basins.

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Patterson-UTI Energy, Inc. - Common Stock

Patterson-UTI Energy Inc

B of A Securities analyst Chase Mulvehill maintains Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) with a Buy and lowers the price target from $14.5 to $14.

Price Target

Analyst Ratings

B of A Securities Maintains Buy on Patterson-UTI Energy, Lowers Price Target to $14

Susquehanna analyst Charles Minervino maintains Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) with a Positive and maintains $16 price target.

Susquehanna Maintains Positive on Patterson-UTI Energy, Maintains $16 Price Target

Across the recent three months, 4 analysts have shared their insights on Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>), expressing a variety of opinions spanning from bullish to bearish.
The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $16.25, a high estimate of $18.00, and a low estimate of $15.00. Observing a downward trend, the current average is 4.41% lower than the prior average price target of $17.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1711998008_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
A comprehensive examination of how financial experts perceive Patterson-UTI Energy is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Charles Minervino</td>
<td>Susquehanna</td>
<td>Maintains</td>
<td>Positive</td>
<td>$16.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Jason Bandel</td>
<td>Evercore ISI Group</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$18.00</td>
<td>$19.00</td>
</tr>
<tr>
<td>Keith Mackey</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$16.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>James Rollyson</td>
<td>Raymond James</td>
<td>Lowers</td>
<td>Strong Buy</td>
<td>$15.00</td>
<td>$16.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Patterson-UTI Energy. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Patterson-UTI Energy compared to the broader market.</li>
<li>Price Targets: Analysts navigate through adjustments in price targets, providing estimates for Patterson-UTI Energy's future value. Comparing current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Patterson-UTI Energy's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/PTEN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Patterson-UTI Energy analyst ratings.</a>
<h2>Get to Know Patterson-UTI Energy Better</h2>
Patterson-UTI Energy is one of the largest land rig drilling contractors in the United States and maintains moderately sized pressure pumping operations primarily in Texas and the Appalachian region, plus some modest operations in Colombia. It also provides directional drilling services and tool rental services in most U.S. onshore oil and gas basins.
<h3>Patterson-UTI Energy's Financial Performance</h3>
Market Capitalization: Boasting an elevated market capitalization, the company surpasses industry averages. This signals substantial size and strong market recognition.
Revenue Growth: Patterson-UTI Energy's revenue growth over a period of 3 months has been noteworthy. As of 31 December, 2023, the company achieved a revenue growth rate of approximately 100.93%. This indicates a substantial increase in the company's top-line earnings. When compared to others in the Energy sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: Patterson-UTI Energy's net margin lags behind industry averages, suggesting challenges in maintaining strong profitability. With a net margin of 3.91%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Patterson-UTI Energy's ROE falls below industry averages, indicating challenges in efficiently using equity capital. With an ROE of 1.28%, the company may face hurdles in generating optimal returns for shareholders.
Return on Assets (ROA): Patterson-UTI Energy's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of 0.83%, the company may face hurdles in generating optimal returns from its assets.
Debt Management: Patterson-UTI Energy's debt-to-equity ratio is below the industry average at 0.28, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>What Are Analyst Ratings?</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Assessing Patterson-UTI Energy: Insights From 4 Financial Analysts

Reported Earlier, Patterson-UTI Reported That For The Two Months Ended February 29, 2024, It Had An Average Of 122 Drilling Rigs Operating In The United States

Analysts' ratings for Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) over the last quarter vary from bullish to bearish, as provided by 4 analysts.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $15.25, a high estimate of $18.00, and a low estimate of $12.00. Highlighting a 12.0% decrease, the current average has fallen from the previous average price target of $17.33. 
<img src="https://www.benzinga.com/files/images/story/2024/1708448456_0_0.png" alt="price target chart" />
<h2>Analyzing Analyst Ratings: A Detailed Breakdown</h2>
The perception of Patterson-UTI Energy by financial experts is analyzed through recent analyst actions. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Jason Bandel</td>
<td>Evercore ISI Group</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$18.00</td>
<td>$19.00</td>
</tr>
<tr>
<td>Keith Mackey</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$16.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>James Rollyson</td>
<td>Raymond James</td>
<td>Lowers</td>
<td>Strong Buy</td>
<td>$15.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Ati Modak</td>
<td>Goldman Sachs</td>
<td>Announces</td>
<td>Neutral</td>
<td>$12.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Patterson-UTI Energy. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Patterson-UTI Energy compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Patterson-UTI Energy's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
For valuable insights into Patterson-UTI Energy's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PTEN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Patterson-UTI Energy analyst ratings.</a>
<h2>About Patterson-UTI Energy</h2>
Patterson-UTI Energy is one of the largest land rig drilling contractors in the United States and maintains moderately sized pressure pumping operations primarily in Texas and the Appalachian region, plus some modest operations in Colombia. It also provides directional drilling services and tool rental services in most U.S. onshore oil and gas basins.
<h3>Financial Milestones: Patterson-UTI Energy's Journey</h3>
Market Capitalization: Exceeding industry standards, the company's market capitalization places it above industry average in size relative to peers. This emphasizes its significant scale and robust market position.
Revenue Growth: Patterson-UTI Energy's revenue growth over a period of 3 months has been noteworthy. As of 30 September, 2023, the company achieved a revenue growth rate of approximately 39.03%. This indicates a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company stands out with a growth rate higher than the average among peers in the Energy sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 0.0%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Patterson-UTI Energy's ROE stands out, surpassing industry averages. With an impressive ROE of 0.0%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Patterson-UTI Energy's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.0% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: With a below-average debt-to-equity ratio of 0.28, Patterson-UTI Energy adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>The Significance of Analyst Ratings Explained</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Glimpse Into The Expert Outlook On Patterson-UTI Energy Through 4 Analysts

RBC Capital analyst Keith Mackey maintains Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) with a Outperform and lowers the price target from $17 to $16.

RBC Capital Maintains Outperform on Patterson-UTI Energy, Lowers Price Target to $16

Raymond James has decided to maintain its Strong Buy rating of Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) and lower its price target from $16.00 to $15.00.
Shares of Patterson-UTI Energy are trading down 0.34% over the last 24 hours, at $11.71 per share.
A move to $15.00 would account for a 28.1% increase from the current share price.
<h3>About Patterson-UTI Energy</h3>
Patterson-UTI Energy is one of the largest land rig drilling contractors in the United States and maintains moderately sized pressure pumping operations primarily in Texas and the Appalachian region, plus some modest operations in Colombia. It also provides directional drilling services and tool rental services in most U.S. onshore oil and gas basins.
<h3>About Analyst Ratings</h3>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Raymond James Maintains Strong Buy Rating for Patterson-UTI Energy: Here's What You Need To Know

Raymond James analyst James Rollyson maintains Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) with a Strong Buy and lowers the price target from $16 to $15.

Raymond James Maintains Strong Buy on Patterson-UTI Energy, Lowers Price Target to $15

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<li>Informatica Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/infa#NYSE">INFA</a>) gained 12.6% to $33.91 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>Patterson-UTI Energy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pten#NASDAQ">PTEN</a>) rose 12.3% to $11.61 following strong sales.</li>
<li>Reliance Steel &amp; Aluminum Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rs#NYSE">RS</a>) rose 10.4% to $325.15 after the company reported fourth-quarter earnings above estimates and issued above-consensus first-quarter FY24 adjusted EPS.</li>
<li>EPAM Systems, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/epam#NYSE">EPAM</a>) gained 10.3% to $288.44 after the company reported fourth-quarter financial results and issued first-quarter revenue guidance above estimates.</li>
<li>Cognex Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cgnx#NASDAQ">CGNX</a>) rose 9.8% to $39.70 following upbeat earnings.</li>
<li>SunPower Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/spwr#NASDAQ">SPWR</a>) shares jumped 8.8% to $4.64 after the company announced raising $175 million in new capital financing from TotalEnergies and Global Infrastructure Partners and fourth-quarter financial results below estimates.</li>
<li>Lyft, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lyft#NASDAQ">LYFT</a>) rose 8.6% to $17.82. Lyft recently reported fourth-quarter financial results and issued guidance.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Treasure Global Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tgl#NASDAQ">TGL</a>) fell 45.7% to $0.0862 following second-quarter results.</li>
<li>Beamr Imaging Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bmr#NASDAQ">BMR</a>) fell 44% to $9.00.</li>
<li>Earlyworks Co., Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/elws#NASDAQ">ELWS</a>) shares fell 39.1% to $0.7979.</li>
<li>Upexi, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/upxi#NASDAQ">UPXI</a>) shares declined 30.4% to $0.96 following weak quarterly results.</li>
<li>Telomir Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/telo#NASDAQ">TELO</a>) shares fell 30.1% to $8.31 after jumping around 70% on Wednesday.</li>
<li>Fastly, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsly#NYSE">FSLY</a>) shares tumbled 29.2% to $16.67 after the company reported mixed fourth-quarter financial results.</li>
<li>Cineverse Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cnvs#NASDAQ">CNVS</a>) shares fell 27.2% to $1.7120 after the company reported worse-than-expected third-quarter financial results.</li>
<li>Aurinia Pharmaceuticals Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/auph#NASDAQ">AUPH</a>) fell 26.1% to $5.89 after the company reported mixed fourth-quarter financial results and said it did not find a buyer after conducting a strategic business review.</li>
<li>Clean Energy Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cety#NASDAQ">CETY</a>) dipped 26% to $0.7989.</li>
<li>Renalytix Plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rnlx#NASDAQ">RNLX</a>) fell 25.4% to $0.9001 after the company posted weak quarterly sales.</li>
<li>Innodata Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/inod#NASDAQ">INOD</a>) fell 25.2% to $9.16 after Wolfpack Research issued a report on the company and said it is short the stock.</li>
<li>Sabre Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sabr#NASDAQ">SABR</a>) dipped 23.3% to $3.3850 after the company reported mixed quarterly financial results.</li>
<li>Udemy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/udmy#NASDAQ">UDMY</a>) fell 20.8% to $11.08 after the company reported fourth-quarter financial results.</li>
<li>Nu Skin Enterprises, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nus#NYSE">NUS</a>) shares fell 18.8% to $14.15 after the company reported fourth-quarter financial results.</li>
<li>West Pharmaceutical Services, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wst#NYSE">WST</a>) fell 18.5% to $332.37 after the company reported mixed fourth-quarter financial results and issued 2024 adjusted EPS and sales guidance below estimates.</li>
<li>Twilio Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/twlo#NYSE">TWLO</a>) dipped 13.8% to $62.29 after the company reported fourth-quarter financial results.</li>
<li>The Manitowoc Company, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mtw#NYSE">MTW</a>) fell 12.6% to $14.36 following weak earnings.</li>
<li>Manchester United plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/manu#NYSE">MANU</a>) fell 12.1% to $18.90.</li>
<li>Hanesbrands Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hbi#NYSE">HBI</a>) fell 11.6% to $4.17 following weak results.</li>
<li>PENN Entertainment, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/penn#NASDAQ">PENN</a>) fell 10.2% to $20.17 following weak results.</li>
<li>Insight Enterprises, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nsit#NASDAQ">NSIT</a>) dipped 5.5% to $182.10 after the company reported fourth-quarter financial results and issued FY24 EPS guidance below estimates.</li>
<li>Deere &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/de#NYSE">DE</a>) fell 4.7% to $366.79 after the company reported first-quarter earnings and lowered FY24 net income guidance.</li>
<li>Rollins, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rol#NYSE">ROL</a>) fell 4.1% to $42.42 following quarterly results.</li>
</ul>
&nbsp;
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Why Herbalife Shares Are Trading Lower By Around 36%? Here Are Other Stocks Moving In Thursday's Mid-Day Session

Patterson-UTI Energy shares are trading higher following Q4 earnings.

U.S. stocks were mostly higher, with the Dow Jones index gaining more than 150 points on Wednesday.
Shares of Reliance Steel &amp; Aluminum Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rs#NYSE">RS</a>) rose sharply in today&rsquo;s session after the company reported fourth-quarter earnings above estimates and issued above-consensus first-quarter FY24 adjusted EPS.
Reliance Steel &amp; Aluminum posted adjusted earnings of $4.73 per share, beating market estimates of $3.92 per share. The company&rsquo;s quarterly sales came in at $3.34 billion versus estimates of $3.30 billion.
Reliance Steel &amp; Aluminum shares climbed 10.4% to $325.15 on Thursday.
Here are some other big stocks recording gains in today&rsquo;s session.
<ul>
<li>Nano-X Imaging Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nnox#NASDAQ">NNOX</a>) shares surged 54.7% to $9.84. Nvidia reported a 59,632 share stake in Nano X Imaging.</li>
<li>SoundHound AI, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/soun#NASDAQ">SOUN</a>) rose 53% to $3.4499. According to data from Benzinga Pro, BlackRock reported a 5.6% passive stake in SoundHound AI after the market close. Traders also appear to be circling a filing from Nvidia in which the company disclosed positions in several companies, including SoundHound AI.</li>
<li>Pegasystems Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pega#NASDAQ">PEGA</a>) climbed 27.8% to $64.84 after the company reported better-than-expected fourth-quarter financial results and issued FY24 EPS and revenue guidance above estimates.</li>
<li>JFrog Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/frog#NASDAQ">FROG</a>) shares gained 27% to $47.09 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter adjusted EPS and revenue guidance above estimates.</li>
<li>American Well Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amwl#NASDAQ">AMWL</a>) surged 25% to $1.39 following quarterly results.</li>
<li>Datasea Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dtss#NASDAQ">DTSS</a>) climbed 25% to $11.24. DataSea announced a $30 million 5G multimodal communication technology service agreement.</li>
<li>AppLovin Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/app#NASDAQ">APP</a>) climbed 22% to $57.16 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>Ultralife Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ulbi#NASDAQ">ULBI</a>) rose 21.4% to $9.60 following upbeat quarterly results.</li>
<li>Shake Shack Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/shak#NYSE">SHAK</a>) climbed 18.6% to $92.60 after the company reported better-than-expected quarterly financial results and issued guidance.</li>
<li>Digital World Acquisition Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dwac#NASDAQ">DWAC</a>) gained 18.6% to $51.65 after the company announced the U.S. Securities and Exchange Commission declared its registration statement on Form S-4 effective.</li>
<li>Sylvamo Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/slvm#NYSE">SLVM</a>) rose 18.5% to $53.94 following upbeat earnings.</li>
<li>DNOW Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dnow#NYSE">DNOW</a>) surged 18.4% to $11.62 following strong quarterly results.</li>
<li>Organon &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ogn#NYSE">OGN</a>) shares gained 16.5% to $19.07 after the company reported better than expected Q4 2023 earnings and issued 2024 guidance.</li>
<li>BridgeBio Pharma, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bbio#NASDAQ">BBIO</a>) rose 15.6% to $39.75.</li>
<li>Zebra Technologies Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zbra#NASDAQ">ZBRA</a>) gained 14% to $288.44 after the company reported fourth-quarter financial results and issued first-quarter guidance above estimates.</li>
<li>Appian Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/appn#NASDAQ">APPN</a>) surged 13.8% to $37.97 after the company reported fourth-quarter financial results above estimates.</li>
<li>Zebra Technologies Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zbra#NASDAQ">ZBRA</a>) gained 12.7% to $285.24 after the company reported fourth-quarter financial results and issued first-quarter guidance above estimates.</li>
<li>Informatica Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/infa#NYSE">INFA</a>) rose 12.6% to $33.91 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>Patterson-UTI Energy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pten#NASDAQ">PTEN</a>) gained 12.3% to $11.61 following strong sales.</li>
<li>Blueprint Medicines Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bpmc#NASDAQ">BPMC</a>) gained 11.5% to $85.66 following strong results.</li>
<li>CRISPR Therapeutics AG (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crsp#NASDAQ">CRSP</a>) rose 10.8% to $87.62. Wolfe Research analyst Andy Chen initiated coverage on CRISPR Therapeutics with a Peer Perform rating.</li>
<li>Antero Resources Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ar#NYSE">AR</a>) gained 10.5% to $23.44 following upbeat results.</li>
<li>EPAM Systems, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/epam#NYSE">EPAM</a>) rose 10.3% to $288.44 after the company reported fourth-quarter financial results and issued first-quarter revenue guidance above estimates.</li>
<li>Kadant Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kai#NYSE">KAI</a>) climbed 10% to $346.60 following strong results.</li>
<li>Cognex Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cgnx#NASDAQ">CGNX</a>) gained 9.8% to $39.70 following upbeat earnings.</li>
<li>Cushman &amp; Wakefield plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cwk#NYSE">CWK</a>) rose 8.8% to $11.72.</li>
<li>SunPower Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/spwr#NASDAQ">SPWR</a>) shares climbed 8.8% to $4.64 after the company announced raising $175 million in new capital financing from TotalEnergies and Global Infrastructure Partners and fourth-quarter financial results below estimates.</li>
<li>Lyft, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lyft#NASDAQ">LYFT</a>) gained 8.6% to $17.82. Lyft recently reported fourth-quarter financial results and issued guidance.</li>
<li>Manulife Financial Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mfc#NYSE">MFC</a>) rose 7.6% to $24.34 following upbeat earnings.</li>
<li>Albemarle Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/alb#NYSE">ALB</a>) gained 7% to $122.36 after the company reported quarterly financial results.</li>
<li>Coinbase Global, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>) rose 6.2% to $170.35 after JP Morgan upgraded the stock from Underweight to Neutral and announced an $80 price target.</li>
</ul>
&nbsp;
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Reliance Steel & Aluminum Posts Upbeat Earnings, Joins JFrog, AppLovin, Shake Shack And Other Big Stocks Moving Higher On Thursday

&nbsp;
Outlook
At current commodity prices, we expect oil basin activity to remain relatively steady throughout the year. Activity in natural gas basins could see an impact from current low natural gas prices.
In the Drilling Services segment, we expect to operate an average of 120 U.S. rigs in the first quarter, up from an average of 118 in the fourth quarter. We believe our sequential activity will outperform the industry average in the first quarter. We expect first quarter Drilling Services adjusted gross profit will be relatively flat compared to the fourth quarter, with a relatively flat adjusted gross profit in U.S. Contract Drilling.
Completion Services activity has mostly been steady through the first quarter, although we are seeing some white space as we strategically reposition our fleets in response to natural gas prices. After finishing a stronger than expected fourth quarter, for the first quarter, Completion Services revenue is expected to be $940-950 million with approximately $750 million in direct operating costs and an adjusted gross profit of $190-200 million.
Drilling Products demand is expected to remain steady through the first quarter, given the expectation for a steady market in both the U.S. and International markets relative to what we saw in the fourth quarter. For the first quarter, Drilling Products revenue is expected to be approximately $90 million, with $50 million in direct operating costs and an adjusted gross profit of $40 million. We expect $5 million in non-cash direct operating costs associated with the step-up in value at Ulterra, without which our segment adjusted gross profit expectation would be $45 million.
For the first quarter, Other revenue and adjusted gross profit is expected to be roughly flat with the fourth quarter.
For the first quarter, we expect selling, general and administrative expense of approximately $65 million, and depreciation, depletion, amortization, and impairment expense of approximately $280 million.
For 2024, we expect an effective tax rate of approximately 24%, with annual cash taxes expected to be $35-45 million after utilizing tax attributes to offset a portion of our taxable income.
For 2024, we expect capital expenditures of approximately $740 million, comprised of $285 million for Drilling Services, $360 million for Completion Services, $55 million for Drilling Products, and $40 million for Other and Corporate.
For purposes of the shareholder return target, the Company defines free cash flow as net cash provided by operating activities less capital expenditures. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company's Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company's debt agreements and other factors.
All references to "per share" in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.

Guidance

Patterson-UTI Energy Says For Q1, Drilling Products Revenue Is Expected To Be ~$90M, With $50M In Direct Operating Costs And An Adjusted Gross Profit Of $40M

Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) reported quarterly earnings of $0.19 per share which met the analyst consensus estimate. This is a 58.7 percent decrease over earnings of $0.46 per share from the same period last year. The company reported quarterly sales of $1.58 billion which beat the analyst consensus estimate of $1.51 billion by 4.92 percent. This is a 100.93 percent increase over sales of $788.48 million the same period last year.

Earnings

Patterson-UTI Energy Q4 EPS $0.19, Inline, Sales $1.58B Beat $1.51B Estimate

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Earnings Scheduled For February 14, 2024

Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) is set to give its latest quarterly earnings report on Wednesday, 2024-02-14. Here's what investors need to know before the announcement.
Analysts estimate that Patterson-UTI Energy will report an earnings per share (EPS) of $0.19. 
Patterson-UTI Energy bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Historical Earnings Performance</h3>
Last quarter the company missed EPS by $0.04, which was followed by a 3.83% increase in the share price the next day.
Here's a look at Patterson-UTI Energy's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.24</td>
<td>0.44</td>
<td>0.35</td>
<td>0.42</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.20</td>
<td>0.43</td>
<td>0.46</td>
<td>0.46</td>
</tr>
<tr>
<td>Price Change %</td>
<td>3.83%</td>
<td>0.91%</td>
<td>-2.49%</td>
<td>-14.4%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1707843719_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Patterson-UTI Energy were trading at $10.46 as of February 12. Over the last 52-week period, shares are down 30.03%. Given that these returns are generally negative, long-term shareholders are likely upset going into this earnings release. 
<a href="https://www.benzinga.com/quote/PTEN/earnings">To track all earnings releases for Patterson-UTI Energy visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Patterson-UTI Energy's Earnings Outlook

Benchmark analyst Kurt Hallead downgrades Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) from Buy to Hold.

Downgrades

Benchmark Downgrades Patterson-UTI Energy to Hold

Gain insights into the latest analyst ratings for Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) within the past quarter: 
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Over the past 3 months, Patterson-UTI Energy received 12-month price targets from 10 analysts. The average target is $17.5, with a high of $23.00 and a low of $12.00. 
Check out a summary of analyst ratings for Patterson-UTI Energy by 10 analysts in the last 3 months. A higher proportion of bullish ratings indicates positive sentiment, while bearish ratings suggest a negative outlook.
<img src="https://www.benzinga.com/files/images/story/2023/1702987208_0.png" alt="price target chart" />
A negative shift in sentiment is evident as analysts have decreased the average price target by 4.53%. 
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
Explore the analyses of financial experts and analysts, gaining insights into their recent assessments for Patterson-UTI Energy. The Ratings Table below delivers a detailed overview of the actions undertaken by key analysts, their current ratings, and price targets. Uncover valuable perspectives on possible market trends and investor sentiment by understanding the perceptions of these experts towards the company.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Ati Modak</td>
<td>Goldman Sachs</td>
<td>Announces</td>
<td>Neutral</td>
<td>$12.00</td>
<td>-</td>
</tr>
<tr>
<td>Derek Podhaizer</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$16.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>Luke Lemoine</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$19.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Keith Mackey</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$17.00</td>
<td>$19.00</td>
</tr>
<tr>
<td>Charles Minervino</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Positive</td>
<td>$16.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>James Rollyson</td>
<td>Raymond James</td>
<td>Lowers</td>
<td>Strong Buy</td>
<td>$21.00</td>
<td>$23.00</td>
</tr>
<tr>
<td>Daniel Kutz</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$17.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Chase Mulvehill</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$16.00</td>
<td>$14.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$18.00</td>
<td>$15.00</td>
</tr>
<tr>
<td>James Rollyson</td>
<td>Raymond James</td>
<td>Raises</td>
<td>Strong Buy</td>
<td>$23.00</td>
<td>$18.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Patterson-UTI Energy. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Patterson-UTI Energy compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Patterson-UTI Energy's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
For valuable insights into Patterson-UTI Energy's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PTEN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Patterson-UTI Energy analyst ratings.</a>
<h2>Delving into Patterson-UTI Energy's Background</h2>
Patterson-UTI Energy is one of the largest land rig drilling contractors in the United States and maintains moderately sized pressure-pumping operations primarily in Texas and the Appalachian region, plus some modest operations in Colombia. It also provides directional drilling services and tool rental services in most U.S. onshore oil and gas basins.
<h3>Financial Insights: Patterson-UTI Energy</h3>
Market Capitalization Analysis: With a profound presence, the company's market capitalization is above industry averages. This reflects substantial size and strong market recognition.
Revenue Growth: Patterson-UTI Energy's remarkable performance in 3 months is evident. As of 30 September, 2023, the company achieved an impressive revenue growth rate of 39.03%. This signifies a substantial increase in the company's top-line earnings. As compared to its peers, the company achieved a growth rate higher than the average among peers in Energy sector.
Net Margin: Patterson-UTI Energy's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 0.0%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Patterson-UTI Energy's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.0% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Patterson-UTI Energy's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.0% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.28.
<h1>Understanding the Relevance of Analyst Ratings</h1>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Expectations For Patterson-UTI Energy's Future

Goldman Sachs analyst Ati Modak initiates coverage on Patterson-UTI Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) with a Neutral rating and announces Price Target of $12.

Initiation

Goldman Sachs Initiates Coverage On Patterson-UTI Energy with Neutral Rating, Announces Price Target of $12

RBC Capital analyst Keith Mackey maintained a Buy rating on Patterson-UTI (PTEN – Research Report) on March 18 and set a price target of $16.00. Th...

Patterson-UTI (PTEN) Receives a Rating Update from a Top Analyst

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Patterson-UTI Energy (NASDAQ:<a href="https://investorplace.com/stock-quotes/pten-stock-quote/">PTEN</a>) just reported results for the fourth quarter of 2023.<ul><li>Patterson-UTI Energy reported earnings per share of 19 cents. This met the analyst estimate for EPS of 19 cents.</li><li>The company reported revenue of $1.58 billion.</li><li>This was 4.90% better than the analyst estimate for revenue of $1.51 billion.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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PTEN Stock Earnings: Patterson-UTI Energy Meets EPS, Beats Revenue for Q4 2023

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Barclays (NYSE:<a href="https://investorplace.com/stock-quotes/bcs-stock-quote/">BCS</a>) layoffs are coming to the financial services company reportedly plans to cut hundreds of jobs to reduce operating expenses.



According to <a href="https://www.reuters.com/business/finance/barclays-prepares-cut-hundreds-jobs-investment-bank-divison-bloomberg-news-2024-03-20/">these reports from insiders</a>, Barclays will be focusing on its investment banking division when it reveals the layoffs. Those close to the matter claim that this is part of the company&rsquo;s annual review process.



The job cuts won&rsquo;t come all at once as Barclays takes time to evaluate the performance of its employees. This has insiders claiming that the layoffs will stretch across a three-month period.



Barclays gave the following statement to Reuters when asked about the layoffs.




&ldquo;We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients.&rdquo;




<h2>Barclays Joins Wall Street Layoffs Trend</h2>



BCS isn&rsquo;t the only major player on Wall Street that has been cutting jobs recently. Both Citigroup (NYSE:<a href="https://investorplace.com/stock-quotes/c-stock-quote/">C</a>) and JPMorgan Chase (NYSE:<a href="https://investorplace.com/stock-quotes/jpm-stock-quote/">JPM</a>) have <a href="https://seekingalpha.com/news/4081816-barclays-prepares-to-cut-hundreds-of-jobs-as-three-year-cost-cutting-plan-starts-report">also announced layoffs recently</a>.



This is also part of a larger layoffs movement over the last couple of years. Many companies overhired to meet growing demand during the pandemic. That&rsquo;s seen several of them laying off workers to adjust for decreased demand alongside increased inflation.



BCS stock is up 2.2% as of Thursday morning. The stock is also up 20% year-to-date.



Investors seeking out more of the most recent stock market stories are in luck!



We have all of the hottest stock market news ready to go on Thursday! That includes earnings from Patterson-UTI Energy&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/pten-stock-quote/">PTEN</a>), why chip stocks are up today and more. You can read up on all of these matters at the following links!



<h2>More Thursday Stock Market News</h2>



<ul><li><a href="https://investorplace.com/earning-results/2024/03/pten-stock-earnings-patterson-uti-energy-for-q4-of-2023/">PTEN Stock Earnings: Patterson-UTI Energy Meets EPS, Beats Revenue for Q4 2023</a></li>



<li><a href="https://investorplace.com/2024/03/why-are-chip-stocks-mu-nvda-amd-intc-up-today/">Why Are Chip Stocks MU, NVDA, AMD, INTC Up Today?</a></li>



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</ul>On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the&nbsp;InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
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A hot topic for energy production, hydraulic fracturing, or fracking, extracts oil and gas by injecting high-pressure fluids underground. For the U.S. this has boosted domestic energy production potential but has also sparked environmentalist concerns. As such, the proliferation of the energy extraction method has become a divisive political issue. Under the Trump administration, fracking had a heyday, but from day one, <a href="https://www.congress.gov/bill/116th-congress/house-bill/5857#:~:text=Beginning%20on%20February%201%2C%202021,and%20offshore%20land%20by%202025.">the Biden administration reversed this</a>. With a potential change of president this November, investors should watch these three shale stocks to buy before the 2024 election,



Though some regions ban fracking due to environmental concerns, a broad federal attitude towards the practice can change everything. Thus, the industry&rsquo;s future hinges on governmental priorities regarding energy prices, regulation and general public opinion. Though some technological advances may address environmental issues, resource extraction in the U.S. always comes down to political will.&nbsp;



<h2>Baker Hughes (BKR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/09/bkr-stock-1-300x169.jpg" alt="The Baker Hughes (BKR) sign and office building in Houston, Texas."><div>Source: JHVEPhoto / Shutterstock.com</div></div>A prominent American specialist in oilfield services and equipment, Baker Hughes (NASDAQ:<a href="https://investorplace.com/stock-quotes/bkr-stock-quote/">BKR</a>) caters directly to the oil and gas industry. The company&rsquo;s core offerings <a href="https://www.bakerhughes.com/ondemand-solutions">encompass a broad oilfield services portfolio</a>. Chief among its more profitable products are its equipment and digital technologies aimed at enhancing operational efficiency and safety.&nbsp;



This approach has positioned Baker Hughes as one of the more sustainability-focused contributors to the fracking industry. One example of BKR&rsquo;s efficiency use of <a href="https://www.bakerhughes.com/emissions-abatement">modular gas processing</a> to capture well exhaust gas rather than flaring it. This enables it as a highly efficient power source for the extraction system. By building this reputation now, BKR is positioning itself well should government regulation on fracking shift.



Furthermore, the company remains financially robust even in a fracking cooldown. It has been able to consistently report <a href="https://finance.yahoo.com/quote/BKR/">strong revenue growth</a> thanks to its astute relationship management with industry customers.



<h2>Halliburton (HAL)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/10/hal1600a-300x169.jpg" alt="The Halliburton (HAL) logo on the website homepage. HAL stock price prediction."><div>Source: Casimiro PT / Shutterstock.com</div></div>Perhaps the most controversial on this list, Halliburton (NYSE:<a href="https://investorplace.com/stock-quotes/hal-stock-quote/">HAL</a>) remains a key player in the fracking industry. The company boasts extensive technological expertise dating back to the 1940s when it originally patented the technology. By offering essentially every type of fracking service, from pressure pumps to fluid design, HAL has the most to gain from a change in government.&nbsp;



The company is no stranger to controversial government relationships, thanks to the &ldquo;<a href="https://earthworks.org/issues/inadequate_regulation_of_hydraulic_fracturing/">Halliburton Loophole</a>.&rdquo; This lobbying exception exempted fracking fluids from regulation, which has further spurred environmentalists against the industry. Regardless, HAL&rsquo;s dominance in the sector primes it to profit should a new administration loosen the reigns on fracking.



HAL regularly beats earnings per share predictions and ended Q4 FY2023 with a <a href="https://www.marketwatch.com/investing/stock/hal">revenue of $5.7 billion and an operating margin of 18%</a>. For investors looking for generous profits in the event of a new U.S. president, Halliburton could be the answer.



<h2>Patterson-UTI Energy (PTEN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/07/pten-1600-300x169.jpg" alt="Patterson-UTI energy logo on a screen."><div>Source: Piotr Swat / Shutterstock</div></div>Over the years, through various mergers, Patterson-UTI Energy (NASDAQ:<a href="https://investorplace.com/stock-quotes/pten-stock-quote/">PTEN</a>) has become a significant contributor to the oilfield services industry. One of its more profitable sections provides products and services for supporting hydraulic fracturing operations. The company also manages well completion, which provides post-fracking tasks like hydraulic pumping and <a href="https://www.nikkisoceig.com/frostbyte/wp-content/uploads/2014/08/2014-Summer-Cryoquip-Fracking-with-Nitrogen.pdf">nitrogen services to optimize well production</a>.&nbsp;



Thus, PTEN positions itself as a comprehensive solution provider for the entire well lifecycle, making the company indispensable to its industry. This has led to robust financial performance for the company in recent years. With a market cap of <a href="https://www.marketwatch.com/investing/stock/pten">$4.87 billion and a price-to-earnings ratio of 13.55</a>, PTEN stock seems perfectly priced. With a current 2.68% dividend yield, PTEN is likely to keep growing in the event of eased fracking regulations.



Investors should keep an eye on PTEN simply because it offers so many facets to the fracking industry. This diversification keeps the company&rsquo; stable amidst the volatile nature of resource extraction, making it one of the shale stocks to buy before the 2024 election.



On the date of publication, Viktor Zarev&nbsp;did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
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Stock winners of Republican policy if Trump wins - GS

Patterson-UTI Energy posts an average of 120 drilling rigs operating in March

Top buy-rated stocks and sell-rated stocks within Energy - Citi

Transocean hiked to Buy at Susquehanna with ultra-deepwater drilling in demand recovery

Companies in the Energy sector have received a lot of coverage today as analysts weigh in on Diamondback (FANG – Research Report), Crew Energy (CWE...

Analysts Conflicted on These Energy Names: Diamondback (FANG), Crew Energy (OtherCWEGF) and Patterson-UTI (PTEN)

Warning: PTEN is at high risk of performing badly

ACVA

AGCO

AXON

BILL

CEIX

CTRA

CTVA

CWEGF

DOCN

HNRG

IDXX

PAYO

PAYX

PYCR

SQSP

TALO

TOST

UPWK

VTLE

YELP

Press Releases

Patterson-UTI Reports Drilling Activity for October 2023

Patterson-UTI Energy Reports Financial Results for the Quarter Ended September 30, 2023

Patterson-UTI Reports Drilling Activity for November 2023

Patterson-UTI Reports Drilling Activity for December 2023

Patterson-UTI Energy Announces Fourth Quarter Earnings Conference Call and Webcast

Patterson-UTI Reports Drilling Activity for January 2024

Patterson-UTI Energy Reports Financial Results for the Quarter Ended December 31, 2023