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PTEN Provides 4Q16 Guidance, Issues Shares—What's Next?

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PTEN Provides 4Q16 Guidance, Issues Shares—What's Next? PART 1 OF 9

What Is Patterson-UTI Energy’s Guidance on Its 4Q16 Results?

Patterson-UTI Energy’s guidance

On January 23, 2017, oilfield services company Patterson-UTI Energy (PTEN) provided an update on its revenues and earnings for 4Q16. The company’s management expects PTEN’s revenues to increase 20% to $247 million in 4Q16, compared to $206.3 million in 3Q16. This guidance is based on a higher rig count in the US.

On January 22, 2017, PTEN’s rig count was 77 in the US, compared to 61 in September 2016. Its management also expects its net loss to improve to $78.1 million in 4Q16, compared to $84 million in 3Q16.

What Is Patterson-UTI Energy’s Guidance on Its 4Q16 Results?

What Is Patterson-UTI Energy’s Guidance on Its 4Q16 Results?

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On December 20, 2016, PTEN’s peer oilfield services company Flotek Industries (FTK) provided an update on its segment revenues and margins for 4Q16. Please read more about FTK’s management guidance in Flotek Industries’ Guidance: Did It Boost the Stock’s Volatility?

PTEN to issue shares

On January 24, 2017, PTEN priced the issuance of 15.8 million shares at $26.45 per share. The underwriters in the issue will have the option to purchase up to an additional ~2.4 million shares. PTEN plans to repay debt with the proceeds from the equity offerings and to repay Seventy Seven Energy’s debt. We’ll discuss PTEN’s bid to acquire Seventy Seven Energy in the following article.

PTEN comprises 0.28% of the iShares S&P Mid-Cap 400 Value ETF (IJJ). The energy sector makes up 6.6% of IJJ.

On December 1, 2016, oilfield services company Fairmount Santrol Holdings (FMSA) announced that its principal stockholder, ASP FML Holdings, would sell 15 million FMSA shares for $175 million in gross proceeds. You can read more about this deal in Will Equity Infusion Ease FMSA’s Leveraged Balance Sheet?

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