Strong Demand for Drilling Rigs Bolsters Patterson-UTI’s Third-Quarter Results

Patterson-UTI had a strong third quarter, with revenue increasing 17% quarter over quarter, and doubling year over year (though some of this is attributable to the firm's acquisition of Pioneer Energy Services in October 2021). We'll incorporate the firm's full financial and operating results shortly, but after this first look, our fair value estimate is unchanged at $12. We also maintain our no moat rating, stable moat trend, and Morningstar Uncertainty Rating of Very High.