- Patterson-UTI reported a third-quarter revenue of $1.36 billion, surpassing the estimate of $1.29 billion.
- Adjusted EBITDA for the quarter was $275.3 million, slightly below the estimate of $283.3 million.
- The total operating days stood at 9,870, which was under the estimated 10,068 days.
- Drilling Services generated a revenue of $421.6 million, beating the expectation of $411.2 million.
- Direct operating costs for Drilling Services were $250.9 million, lower than the forecasted $252.3 million.
- Completion Services reported revenue of $831.6 million, exceeding the estimate of $778 million.
- The direct operating costs for Completion Services were $703.8 million, higher than the expected $644.9 million.
- Drilling Products achieved revenue of $89.1 million, surpassing the estimate of $87.6 million.
- Direct operating costs for Drilling Products were $47.1 million, below the estimated $48 million.
- Other revenue came in at $15.0 million, missing the expected $16.6 million.
- Other direct operating costs were $10.1 million, slightly below the estimate of $10.3 million.
- Analysts’ recommendations include 12 buys, 7 holds, and 0 sells for the stock.
Patterson Uti Energy on Smartkarma
On Smartkarma, Baptista Research provides insightful coverage of Patterson-UTI Energy, focusing on the company’s strategy and emphasis on Tier 4 and alternative power generation for frac fleets. The research highlights Patterson-UTI Energy’s strong financial performance, with robust second-quarter 2024 earnings and a consistent delivery of strong free cash flow. The company’s prudent financial management is evident through actions like share repurchases, dividend payments, and debt reduction, demonstrating a commitment to enhancing shareholder value. Baptista Research undertakes an independent evaluation of Patterson-UTI Energy, exploring various factors that could impact the company’s future stock price using a Discounted Cash Flow (DCF) methodology.
A look at Patterson Uti Energy Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 5 | |
| Dividend | 4 | |
| Growth | 4 | |
| Resilience | 3 | |
| Momentum | 2 | |
| OVERALL SMART SCORE | 3.6 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on SmartKarma Smart Scores, Patterson-UTI Energy shows a promising long-term outlook. With a top rating in the Value category and strong scores in Dividend and Growth, the company is positioned well for potential growth and stability. While the Resilience score is slightly lower, indicating some vulnerability to market shifts, overall, the company’s positive scores suggest a solid foundation for long-term success.
Patterson-UTI Energy, Inc. is a key player in providing land-based drilling services to major oil and gas companies across various regions. With operations in key areas such as Texas, New Mexico, and Canada, the company also offers services in pressure pumping, exploration and production, and drilling fluids. SmartKarma Smart Scores highlight Patterson-UTI’s strengths in value, dividend, and growth, showcasing its potential for investors looking at long-term prospects in the energy sector.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
Have feedback on this article? Concerned about the content? Get in touch with us directly.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Analytics and News
- ✓ Events & Webinars
