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Patterson-UTI Energy Inc - Stock Quote PTEN

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Morningstar's Patterson-UTI Energy Inc Stock Analysis

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Patterson-UTI Posts Strong Q1 Results Amid Elevated Demand for Drilling and Fracking Equipment

Analyst Note

| Katherine Olexa |

Patterson-UTI Energy posted good results in its first quarter as demand for drilling rig equipment and pressure pumping services remains strong throughout North America. We expect the favorable market dynamics will persist in the near term, and by our estimate, Patterson will return to prepandemic operating levels by 2023. We’ll incorporate the full financial and operational results in our model shortly, but for now, our $9 fair value estimate is unchanged. We maintain our no-moat, stable trend rating.

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Patterson-UTI Energy Inc's Company Profile

Business Description

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. It also provides directional drilling services and tool rental services in most U.S. onshore oil and gas basins.

10713 West Sam Houston Parkway North, Suite 800
Houston, TX, 77064
T +1 281 765-7100
Sector Energy
Industry Oil & Gas Drilling
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Distressed
Employees 5,000

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