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What Wall Street Analysts Expect from PTEN’s 3Q17 Earnings

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Nov. 20 2020, Updated 5:28 p.m. ET

PTEN’s 3Q17 earnings estimates

In 3Q17, analysts expect an $0.18 adjusted loss per share for Patterson-UTI Energy (PTEN), which means Wall Street analysts expect PTEN to cut its losses from the 2Q17 adjusted loss of $0.21 per share. Higher day rates and increased frac stage pricing for the Seventy Seven Energy (or SSE) assets, led by an improved US rig count, can lead to higher earnings in 3Q17. PTEN is scheduled to hold its 3Q17 earnings conference call on October 26. Read more about PTEN in Market Realist’s Patterson-UTI Energy: Reviewing Its Outlook and Analysts’ Call.

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PTEN’s earnings versus estimates

In 2Q17, Patterson-UTI Energy’s adjusted earnings per share (or EPS) beat analysts’ consensus EPS. As we noted in the graph above, Patterson-UTI Energy’s adjusted EPS beat estimates on average over the past 13 quarters.

PTEN’s 3Q17 revenue estimates

In 3Q17, Wall Street analysts expect Patterson-UTI’s revenues to rise 18% over 2Q17 to $685 million. In 2Q17, sell-side analysts’ estimates fell short of revenues generated in the quarter.

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Analysts’ estimates for PTEN’s peers

Analysts expect adjusted income for Halliburton (HAL), PTEN’s larger-market-cap peer, to rise 37% in 3Q17 over 2Q17. TechnipFMC’s (FTI) 3Q17 adjusted earnings are expected to remain unchanged from the 2Q17 adjusted earnings. Wall Street analysts expect Core Laboratories’ (CLB) 3Q17 adjusted earnings to fall 14% from 2Q17. PTEN is 3.5% of the SPDR S&P Oil & Gas Equipment & Services ETF (XES). XES fell 17% in the past year versus a 10% fall in PTEN’s stock price during the period. In comparison, the S&P 500 Index (SPX-INDEX) rose 18% in the past year. Read more about analysts’ estimates for the OFS industry in Market Realist’s The Top and Bottom of Oilfield Service Stocks in 3Q17.

Series highlight

In this series, we’ll discuss Patterson-UTI Energy’s value drivers, industry indicators affecting PTEN’s performance, and analysts’ target prices for PTEN. Next, we’ll discuss how PTEN’s management outlook transpired in the past quarters.

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