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Patterson-UTI Energy Inc PTEN

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Strong Pressure Pumping Activity Drives Patterson’s 21% Revenue Growth; Increasing FVE to $7

Analyst Note

| Katherine Olexa |

Patterson-UTI Energy posted strong top-line improvements this quarter, with all four segments posting sequential growth for the first time since the second quarter of 2018, resulting in total revenue growth of 21% sequentially. Total operating margins remain negative (at negative 38% this quarter) but continue their upward trend (they improved 11% compared to last quarter). After incorporating the firm's operating and financial results we have slightly increased our fair value estimate to $7 from $6.60.

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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.

Contact
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 Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 3,000

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