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PTEN

Patterson-UTI

$15.13

-0.71 (-4.48%)

06:04
04/25/19
04/25
06:04
04/25/19
06:04

Patterson-UTI reports Q1 EPS (14c), consensus (21c)

Reports Q1 revenue $704M, consensus $694.06M. Andy Hendricks, Patterson-UTI's CEO, stated, "Drilling and completion activity slowed during the first quarter as E&P companies reacted to the sharp drop in oil prices at the end of 2018. In contract drilling, our rig count averaged 175 rigs during the first quarter, compared to an average of 183 during the fourth quarter. While oil prices strengthened and operator cash flow expectations have improved, operators have remained fiscally conservative and demand levels remain subdued. For the second quarter, we expect our rig count to average approximately 160 rigs. Hendricks added, "During the first quarter, average rig revenue per day increased $620 to $23,590, more than offsetting a $310 increase in average rig operating costs per day to $13,880. Accordingly, the average rig margin per day increased $310 to $9,700. As of March 31, 2019, we had term contracts for drilling rigs providing for approximately $650 million of future dayrate drilling revenue. Based on contracts currently in place, we expect an average of 104 rigs operating under term contracts during the second quarter, and an average of 59 rigs operating under term contracts during the 12 months ending March 31, 2020. In pressure pumping, as expected, completion activity slowed in the first quarter. We ended the first quarter with 16 active spreads compared to 20 at the end of the fourth quarter. As we remain focused on reducing costs and improving cash flow, we took the proactive step of removing spreads from the market until we can redeploy them at attractive economics. With the sequential decrease in activity, pressure pumping revenues for the first quarter declined to $248 million. Gross margin of $44.9 million for the first quarter exceeded our expectation, as we were able to improve internal efficiencies during the quarter. While we have reduced our spread count, we expect our second quarter activity to be similar to the first quarter. In directional drilling, gross margin improved to $7.4 million in the first quarter from $6.7 million in the fourth quarter, as we reduced expenses for repairs and maintenance and third-party rentals. Revenues for the first quarter were $53.0 million compared to $56.4 million for the fourth quarter."

  • 25

    Apr

PTEN Patterson-UTI
$15.13

-0.71 (-4.48%)

02/15/19
SBSH
02/15/19
NO CHANGE
SBSH
Citi views Keane acquisition of FTS as most attractive in Oil Service
Consolidation amongst the pressure pumpers is likely to pick up in the current period of profitability bifurcation, Citi analyst Scott Gruber tells investors in a research note. The analyst, however, believes Schlumberger (SLB) and Halliburton (HAL) seem unlikely to acquire and that consolidation looks more likely amongst the mid-tier pumpers. Of those, Keane Group (FRAC) is most likely to acquire, says the analyst. FTS International (FTSI) screens as the most likely to be acquired, although pumping segments at Patterson-UTI (PTEN) and Superior Energy (SPN) could also be targeted, contends Gruber. He believes Keane and FTS looks like the most attractive combination. Both shares could rise in the event of a deal announcement, says the analyst.
03/10/19
GSCO
03/10/19
INITIATION
Target $16
GSCO
Neutral
Patterson-UTI initiated with a Neutral at Goldman Sachs
Goldman Sachs started Patterson-UTI with a Neutral rating and $16 price target.
03/14/19
SBSH
03/14/19
DOWNGRADE
Target $4
SBSH
Neutral
Citi downgrades Nabors to Neutral on back half weighted outlook
Citi analyst Scott Gruber downgraded Nabors Industries (NBR) to Neutral from Buy and cut his price target for the shares to $4.00 from $6.70. The analyst coupled the downgrade with an upgrade of Forum Energy (FET) to Buy from Neutral. Nabors' free cash flow outlook is weighted towards the second half of 2019, with Q1 likely to be a cash burn of $40M-plus, Gruber tells investors in a research note. He believes the magnitude of the cash burn in Q1 will lead to investors questioning if the company can reach its $200M-$250M free cash flow target for the year. With the shares up 70% year-to-date, Gruber expects a "pause" into Nabors' Q1 results. The analyst's top three picks in U.S. Oil Services are Patterson-UTI (PTEN), Keane Group (FRAC) and Forum Energy.
03/15/19
JEFF
03/15/19
NO CHANGE
JEFF
Jefferies downgrades three, upgrades three in Oil Services & Equipment
Jefferies analyst Brad Handler made a handful of rating changes in Oil Services & Equipment. "The harder we look at OFS, the more modest the growth prospects seem," Handler tells investors in a research note. This supports a neutral sector view and favors stock picking, adds the analyst. He downgraded Schlumberger (SLB) to Hold from Buy following the stock's recovery as well as both Helmerich & Payne (HP) and Precision Drilling (PDS) to Hold from Buy on a flat U.S. rig count outlook. Handler also upgraded Oceaneering International (OII) to Buy from Hold citing more confidence in deepwater and a "reasonable" valuation, upgraded Keane Group (FRAC) to Buy from Hold on easing pricing pressure and optionality to put fleets back to work, and upgraded Superior Energy Services to Hold from Underperform. Handler's top picks are Baker Hughes (BHGE), Patterson-UTI (PTEN) and Keane Group. The latter two replace Helmerich & Payne and Apergy (APY).

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