Patterson-UTI Energy Inc
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Patterson-UTI Energy’s ‘Buy’ Ratings Are Increasing
On March 19–June 19, the percentage of analysts recommending a “buy” or some equivalent for Patterson-UTI Energy has increased from 76% to 78%.
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Patterson-UTI Energy Has Been Steady This Year
In the first quarter, Patterson-UTI Energy’s revenues increased 165% compared to last year. The company was able to reduce its net loss.
Comparing the Short Interest in PTEN, DRQ, WFT, RES, and FTK
The short interest in Paterson-UTI Energy (PTEN) as a percentage of its float was 5.3% as of May 15—compared to 5.5% as of January 1.
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How Is Halliburton Reacting to Crude Oil Price Changes?
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Does Halliburton’s Valuation Present an Attractive Opportunity?
On December 29, 2017, Halliburton’s (HAL) stock price was 10% lower than it was on December 30, 2016.
How’s Halliburton Reacting to Crude Oil’s Price Change?
Halliburton’s (HAL) stock price correlation coefficient with crude oil prices on February 9–16, 2018, was 0.54.
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Halliburton Reacts to Crude Oil’s Price Change
Halliburton’s (HAL) stock price correlation coefficient with crude oil prices on January 19–26, 2018, was 0.72.
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How Schlumberger Reacted to Crude Oil Prices Last Week
Schlumberger’s (SLB) correlation with crude oil prices between January 5, 2018, and January 12, 2018, was 0.73.
Analysts Are Optimistic about Halliburton’s 4Q17 Earnings
In 4Q17, analysts expect an adjusted EPS of $0.46 for Halliburton (HAL). Analysts expect Halliburton’s adjusted earnings to improve 10% in 4Q17.
How Weatherford Reacted to Crude Oil Price Changes
From December 29, 2017, to January 5, 2018, Weatherford International’s (WFT) correlation with the West Texas Intermediate crude oil price was -0.13.
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Short interest in Baker Hughes, a GE Company (BHGE) as a percentage of its float increased to ~2.8% on December 29, 2017, compared to 2.3% on September 29, 2017.
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Weatherford International’s Historical Valuation
In 3Q17, Weatherford International’s (WFT) adjusted earnings were negative. So its PE (price-to-earnings) multiple wasn’t meaningful that quarter.
Wall Street’s Targets for Lowest Free Cash Flow–Generating OFS Stocks
Approximately 39% of the Wall Street analysts tracking Baker Hughes, a GE Company (BHGE) recommended a “buy” or equivalent on December 22, 2017.
Did the Lowest FCF-Generating OFS Stocks Take Cues from Crude Oil?
The correlation coefficient between U.S. Silica Holdings’ stock price and crude oil prices from January 1, 2017, to December 22, 2017, was 0.07.
Comparing the Returns of Top 5 OFS Free Cash Flow Earners
BHGE, the worst free cash flow earner in 3Q17, vastly underperformed the broader energy industry ETFs, the broad equity market indexes, and the OFS industry ETF.
The 4th-Lowest Oilfield Services FCF Earner in 3Q17
Patterson-UTI Energy’s (PTEN) cash from operating activities (or CFO) increased 64% in 3Q17 over 3Q16.
Ranking the Bottom 5 OFS Companies by Free Cash Flow
In this series, we’ll analyze the bottom five FCF generators in 3Q17 in the OFS industry, excluding the offshore drillers. We selected OFS companies with market capitalization exceeding $100 million.
How Did Schlumberger React to Crude Oil Prices Last Week?
Crude oil prices have risen significantly since the end of June 2017. Analysts don’t expect much impending downside in crude oil prices.
Halliburton Reacted to Crude Oil Prices on December 8
The correlation coefficient between crude oil prices and Halliburton’s (HAL) stock price from December 8, 2016, to December 8, 2017, was 0.65.
Analyzing Halliburton’s Valuation
Halliburton’s forward PE multiple is positive, which reflects analysts’ expectation of positive earnings for the next four quarters.
Upstream Operators’ Capex and Halliburton’s Margin
Halliburton’s earnings margin Between 3Q16 and 3Q17, Halliburton’s (HAL) EBITDA (earnings before interest, tax, depreciation, and amortization) margin expanded from 13% to 19%. A company’s EBITDA margin is a measure of its operating earnings. Halliburton makes up 0.14% of the iShares Dow Jones US ETF (IYY). From September 30, 2016, to September 29, 2017, IYY rose 16%, whereas Halliburton’s […]
What Does Schlumberger’s Historical Valuation Suggest?
On September 29, 2017, Schlumberger’s (SLB) stock price was 17% lower compared to December 30, 2016.
What Nabors Industries’ Historical Valuation Suggests
On September 29, Nabors Industries’ (NBR) stock price was 51% lower than on December 30, 2016. In 3Q17, NBR’s adjusted earnings were negative.
What’s the Target Price for Patterson-UTI Energy on November 14?
On November 14, 2017, ~68% of the analysts tracking Patterson-UTI Energy rated it as a “buy,” 29% rated it as a “hold,” and 4% rated it as a “sell.”
Patterson-UTI Energy’s Correlation with Crude Oil on November 14
The correlation coefficient between crude oil prices and Patterson-UTI Energy (PTEN) from November 14, 2016, to November 14, 2017, was 0.63.
Short Interest in Patterson-UTI Energy on November 14
The short interest in Patterson-UTI Energy as a percentage of its float was 6.0% as of November 14, 2017—compared to 7.9% as of September 29, 2017.
Patterson-UTI Energy’s Relative Valuation versus Its Peers
Patterson-UTI Energy’s DE (debt-to-equity) multiple at 0.22x is lower than the peer average in the group. It indicates lower financial risks.
What Does Patterson-UTI Energy’s Historical Valuation Suggest?
Patterson-UTI Energy’s forward PE multiple isn’t available, which indicates negative earnings in the next 12 months.
Analyzing Patterson-UTI Energy’s Strategy
Patterson-UTI Energy’s management primarily focuses on North America. Currently, it plans to have limited exposure in the international market.
Patterson-UTI Energy’s Dividend Yield
Patterson-UTI Energy’s dividend per share remained unchanged from 2Q17 to 3Q17. In October 2017, it announced a quarterly dividend of $0.02 per share.
Patterson-UTI Energy’s Free Cash Flow and Acquisition Plan
Patterson-UTI Energy’s capex rose 4x from 3Q16 to 3Q17. Sharper capex growth caused the free cash flow to deteriorate in 3Q17.
Patterson-UTI Energy’s Net Debt after 3Q17
In 3Q17, Patterson-UTI Energy’s (PTEN) total debt rose 21%—compared to the previous year. Its net debt rose 22% on September 30—compared to a year ago.
Connecting Upstream Operators’ Capex with PTEN’s Margin
From 2Q17 to 3Q17, Patterson-UTI Energy’s (PTEN) EBITDA margin rose from 22.5% to 24.5%. The EBITDA margin measures a company’s operating earnings.
Analyzing Patterson-UTI Energy’s Drivers in 3Q17
From 2Q17 to 3Q17, Patterson-UTI Energy’s (PTEN) Pressure Pumping Solutions segment witnessed a 25% revenue rise.
Patterson-UTI Energy: Management’s Views after 2Q17
Since September 29, Patterson-UTI Energy’s stock price has fallen 2%—compared to a 2% rise in the iShares Core S&P Mid-Cap ETF (IJH).
Patterson-UTI Energy’s Stock Price Is Bearish
On November 13, 2017, Patterson-UTI Energy (PTEN) was trading at $20.58. It has fallen ~24% since the beginning of 2017.
Linking TechnipFMC’s Margin to Upstream Operators’ Capex
From 2Q17 to 3Q17, TechnipFMC’s (FTI) EBITDA margin (or EBITDA as a percentage of revenues) fell from 13.7% to 10.1%.
Why Superior Energy Services’ 3Q17 Earnings Missed Estimates
In 3Q17, SPN’s reported net loss was ~$59.0 million. This was an improvement compared to its 3Q16 net loss of ~$118.0 million.
Patterson UTI-Energy: Analysts’ Forecasts after 3Q17
On October 26, ~68% of the analysts tracking Patterson-UTI Energy rated it as a “buy,” ~29% rated it as a “hold,” and 4% rated it as a “sell.”
Patterson-UTI Energy: Will Its Returns Increase after 3Q17?
Patterson-UTI Energy (PTEN) released its financial results for 3Q17 on October 26, 2017. Its stock price reacted positively and rose 6% to $19.09.
What Drove Patterson-UTI Energy’s Performance in 3Q17?
From 2Q17 to 3Q17, Patterson-UTI Energy’s Contract Drilling segment’s revenues rose 12%, while its Pressure Pumping segment’s revenues rose 25%.
Patterson-UTI Energy’s 3Q17 Earnings Beat Estimates
Patterson-UTI Energy (PTEN) released its 3Q17 financial results on October 26, 2017. It recorded total revenues of ~$685 million in 3Q17.
How Did Weatherford React to Crude Oil Price Changes?
The correlation coefficient between Weatherford International’s (WFT) stock price and WTI crude oil prices on October 13–20, 2017, was -0.05.
Halliburton Reacts to Crude Oil’s Price Change
Crude oil’s price correlation coefficient with Halliburton’s stock price on October 6–13, 2017, was 0.33. There was a weak correlation in the past week.
Wall Street’s Forecast for Nabors Industries before Its 3Q17 Earnings
On October 12, 2017, ~67% of the Wall Street analysts tracking Nabors Industries rated it a “buy” or some equivalent.
What Do Analysts Expect from Weatherford’s 3Q17 Earnings?
Wall Street analysts expect Weatherford to cut its adjusted loss in 3Q17 from the adjusted loss of $0.28 per share in 2Q17.
Wall Street Forecasts for PTEN ahead of 3Q17 Earnings
In this part of our series, we’ll look at the recent Wall Street analyst forecasts for Patterson-UTI Energy (PTEN) before 3Q17 earnings.