Patterson-UTI Energy Inc

In the past year, Weatherford International’s (WFT) stock has fallen 28% as of August 11, 2017.

In 2016, Patterson-UTI Energy (PTEN) recorded $915.8 million in revenues—52% lower compared to 2015. In 2016, the company’s net loss was $318.6 million.

The correlation coefficient between Weatherford International’s (WFT) stock price and WTI crude oil prices on October 13–20, 2017, was -0.05.

Patterson-UTI Energy (PTEN) released its 4Q15 financial results on February 4, 2016. The company recorded total revenues of $338.5 million in 4Q15, down 62% from $901.2 million recorded in 4Q14.

Nabors Industries’ valuation, expressed as a TTM PE (price-to-earnings) multiple, isn’t available due to negative adjusted earnings.

On September 25, B. Riley FBR raised its rating for Helmerich & Payne from “neutral” to “buy.” B. Riley FBR also raised the target price from $68 to $83.

The correlation coefficient between crude oil prices and Patterson-UTI Energy (PTEN) from August 21, 2016, to August 21, 2017, is 0.63.

The correlation coefficient between National Oilwell Varco’s stock price and crude oil prices from April 7, 2016, to April 7, 2017, is 0.55.

For 2Q17, analysts expect Patterson-UTI Energy (PTEN) to report an adjusted loss per share of $0.30. This would mean a cut in its losses from 1Q17.

On April 27, following its 1Q17 earnings, ~62% of the analysts tracking Patterson-UTI Energy rated it a “buy” or some equivalent.

Halliburton’s forward EV-to-EBITDA multiple is lower compared to 1Q17. Analysts expect higher adjusted EBITDA in the next four quarters.

In 4Q16, analysts expect Flotek Industries (FTK) to post an adjusted loss per share of ~$0.04.

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.

The correlation coefficient between the price of crude oil and Halliburton (HAL) stock from September 5, 2016, to September 5, 2017, is 0.65.

In the past year, Patterson-UTI Energy’s stock price nearly doubled. Since August 19, Seventy Seven’s stock price rose 74%.

Patterson-UTI Energy’s EV, when scaled by trailing-12-month adjusted EBITDA, is lower than the group peer average.

On February 23, 2018, Schlumberger was trading at $66.50, which is ~17% lower than its price a year ago.

On June 2, 2017, Patterson-UTI Energy (PTEN) was trading at $21.19, which was ~24.0% below its price at the beginning of 2017.

Schlumberger’s (SLB) stock price correlation coefficient with crude oil prices from September 22 to September 29 was 0.31.

Saudi Arabia’s crude oil production increased by 60,000 bpd to 10,120,000 bpd in May—compared to the previous month.

From 4Q15 to 4Q16, National Oilwell Varco’s (NOV) EBITDA margin crashed, dropping from 6.8% to -45.3% during this period.

Superior Energy Services’ (SPN) correlation with crude oil’s price on March 28–June 28 was 0.62—a strong positive relationship.

On March 31, 2017, Basic Energy Services’ (BAS) stock price had fallen 6% from December 30, 2016.

On January 23, 2017, Patterson-UTI Energy (PTEN) provided an update on its revenues and earnings for 4Q16. PTEN expects its revenues to increase 20% to $247 million in 4Q16, compared to $206.3 million in 3Q16.

On March 31, 2017, Nabors Industries (NBR) stock was 20.0% lower than it was on December 30, 2016. In 1Q17, NBR’s adjusted earnings were negative.

There has been a steady positive relationship between Weatherford International’s (WFT) stock and crude oil prices since July 2016.

Nabors Industries (NBR) released its financial results for 1Q17 on April 26, 2017.

On August 11, 2017, Weatherford International’s (WFT) short interest as a percentage of float was 14.7%, compared with 15.8% on June 30.

In fiscal 3Q17, analysts expect an ~$1.16 adjusted loss per share for Tidewater. Analysts expect Tidewater’s adjusted loss to fall in the coming quarter.

Between January 1 and May 23, NOW’s (DNOW) correlation with crude oil was 0.38.

The correlation coefficient between crude oil prices and Patterson-UTI Energy (PTEN) from November 14, 2016, to November 14, 2017, was 0.63.

Weatherford International (WFT) stock’s correlation with crude oil was strong between June 29 and July 6, at 0.72.

The correlation coefficient between crude oil price and National Oilwell Varco’s (NOV) stock price from July 11, 2016, to July 11, 2017, is 0.61.

Approximately 66% of the Wall Street analysts tracking Nabors Industries rated it as a “buy” or some equivalent.

Schlumberger’s (SLB) Drilling segment witnessed the highest revenue fall of 32% in 4Q16 compared to 3Q16.

From 2Q16 to 2Q17, Flotek Industries’ (FTK) EBITDA margin (or EBITDA as a percentage of revenues) improved to 2.3% from 0.7%.

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.

Approximately 79% of the Wall Street analysts tracking Patterson-UTI Energy (PTEN) have recommended a “buy” or some equivalent as of May 15.

In the past year, Patterson-UTI Energy’s stock has risen 6% (as of June 5, 2017), outperforming the VanEck Vectors Oil Services ETF’s (OIH) -13% returns.

Patterson-UTI Energy released its financial results for 4Q16 on February 9. Its stock price rose ~2% to $27.84 from the closing price on February 8.

Patterson-UTI Energy’s forward PE multiple isn’t available, which indicates negative earnings in the next 12 months.

Patterson-UTI Energy’s (PTEN) dividend yield fell to 0.29% on March 31, 2017. Since then, its dividend yield has risen to 0.38% as of June 2, 2017.

Patterson-UTI Energy’s (PTEN) chairman, Mark S. Siegel, expressed confidence about the possibility of an energy market recovery.

On March 31, 2018, Schlumberger’s (SLB) net debt was $13.9 billion, 20% higher than its net debt of $11.6 billion on March 31, 2017.

Approximately 55% of the analysts tracking Patterson-UTI Energy rated it as a “buy,” ~26% rated it as a “hold,” and the other 19% rated it as a “sell.”

In the past year, Patterson-UTI Energy stock has risen 87% as of February 17, 2017. It’s outperformed the VanEck Vectors Oil Services ETF’s return of ~35% in the same period.

National Oilwell Varco’s correlation with crude oil prices increased in the trailing year to September 8, 2017—compared to the previous year.

From 4Q15 to 4Q16, Patterson-UTI Energy’s (PTEN) Contract Drilling segment’s revenue fell ~33.0%.

Schlumberger’s Drilling segment witnessed the highest revenue fall at 32% in 4Q16 compared to 4Q15. The segment was followed by the Reservoir Characterization and Production segments.

From 4Q15 to 4Q16, Patterson-UTI’s Contract Drilling segment revenue fell ~33%, while its Pressure Pumping segment witnessed a 20% revenue decline.

In the past couple of years, some major US upstream and integrated companies have reduced their capex following the sharp fall in crude oil prices.

Crude oil prices have risen significantly since the end of June 2017. Analysts don’t expect much impending downside in crude oil prices.

The correlation coefficient between Patterson-UTI Energy’s stock price and crude oil prices from March 2016 to March 20, 2017, is 0.64.

On February 9, ~50% of the analysts tracking Patterson-UTI Energy rated it as a “buy,” ~44% rated it as a “hold,” and 6% rated it as a “sell.”

The correlation coefficient between crude oil’s price and Schlumberger’s (SLB) stock price from June 2016 to June 2017 is 0.64.

Patterson-UTI Energy’s (PTEN) total debt fell 29.0% from 1Q16 through 1Q17. Its cash and marketable securities rose 150.0% during that period.

There are at least nine broker rating changes for Patterson-UTI Energy in 2016. JPMorgan Chase (JPM) upgraded its rating to “neutral” on December 7.

In this article, we’ll look at Wall Street analysts’ forecasts for Patterson-UTI Energy’s (PTEN) shares following its fiscal 1Q16 earnings release.

Weatherford International (WFT) plans to hold its Q2 earnings call on July 27. Analysts expect an adjusted loss of $0.18 per share for WFT.

In the past year, crude oil has increased ~64%.

Approximately 50% of the Wall Street analysts tracking Superior Energy Services rated it as a “buy” or some equivalent as of June 28.

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%.

According to Wall Street analysts’ ratings, Halliburton (HAL) has the highest “buy” or some equivalent rating in the OFS industry.

On March 29, Schlumberger’s (SLB) stock price was 4.0% lower than on December 29, 2017.

Schlumberger Limited (SLB) is the largest US oilfield equipment and service (or OFS) company. Its stock price has risen in the past year.

As of April 11, 2018, 78% of the analysts tracking Schlumberger rated it as a “buy,” ~19% rated it as a “hold,” and 3% rated it as a “sell.”

Flotek Industries’ forward EV-to-EBITDA multiple (11.7x) is significantly lower than its current EV-to-EBITDA multiple (~199x).

On December 29, 2017, Schlumberger’s (SLB) stock price was 20% lower compared to December 30, 2016.

On December 29, 2017, Halliburton’s (HAL) stock price was 10% lower than it was on December 30, 2016.

In 4Q17, analysts expect an adjusted EPS of $0.46 for Halliburton (HAL). Analysts expect Halliburton’s adjusted earnings to improve 10% in 4Q17.

From December 29, 2017, to January 5, 2018, Weatherford International’s (WFT) correlation with the West Texas Intermediate crude oil price was -0.13.

In this series, we’ll examine and rank the highest- and lowest-growth US oilfield services and equipment (or OFS) companies in 4Q17 versus 3Q17.

In 3Q17, Weatherford International’s (WFT) adjusted earnings were negative. So its PE (price-to-earnings) multiple wasn’t meaningful that quarter.

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.

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.

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).

On November 13, 2017, Patterson-UTI Energy (PTEN) was trading at $20.58. It has fallen ~24% since the beginning of 2017.

From 2Q17 to 3Q17, TechnipFMC’s (FTI) EBITDA margin (or EBITDA as a percentage of revenues) fell from 13.7% to 10.1%.

On October 12, 2017, ~67% of the Wall Street analysts tracking Nabors Industries rated it a “buy” or some equivalent.

The correlation coefficient between Patterson-UTI Energy’s (PTEN) stock price and crude oil prices from October 6, 2016, to October 6, 2017, was 0.64.

On September 1–8, 2017, oilfield service stock Tidewater (TDW) rose the most among the energy sector stocks.

From 2Q16 to 2Q17, Halliburton’s (HAL) EBITDA margin (or EBITDA as a percentage of revenues) rose from 12% to 16%.

On June 30, 2017, Schlumberger’s (SLB) stock price was 22% lower than its price on December 30, 2016. In 2Q17, SLB’s adjusted earnings were negative.

Nabors Industries’ PE multiple was not meaningful in 2015 and 2016 as a result of negative adjusted earnings during this period.

Weatherford International (WFT) stock and crude oil prices have had a steady positive correlation in the past year.

Short interest in Schlumberger’ (SLB) stock as a percentage of its float was ~1.5% on August 4, 2017, compared to 1.6% as of June 30, 2017.

In this article, we’ll look at Wall Street analysts’ forecasts for Patterson-UTI Energy (PTEN) stock following its 2Q17 earnings release.

Since the beginning of 2017, Patterson-UTI Energy (PTEN) stock has returned -28% as of August 1.

PTEN’s management believes that its merger with Seventy Seven Energy has consolidated PTEN’s position in drilling and pressure pumping activity.

Nabors Industries (NBR) is one of the largest land-based drilling operators in the world. It’s had a weak run in the stock market so far in 2017.

From 1Q16 to 1Q17, Halliburton’s (HAL) EBITDA margin remained nearly unchanged at 13.7%.

Patterson-UTI Energy’s capex budget for 2017 is $450.0 million. That’s 275.0% higher than its 2016 capex.

Some of the major US upstream and integrated companies have gradually reduced their capex following crude oil’s sharp price fall since mid-2014.

In 2Q17, management expects Patterson-UTI Energy (PTEN) to operate 84 rigs under term contracts, compared to 81 in 1Q17.

Schlumberger’s EBITDA margin was impacted negatively as upstream companies slashed their budgets. From 1Q16 to 1Q17, Schlumberger’s EBITDA margin fell.

In the past couple of years, some major US upstream and integrated companies have reduced their capital expenditures (capex) following crude oil price’s sharp fall.

The correlation coefficient between Patterson-UTI Energy’s stock price and the price of crude oil from April 12, 2016, to April 12, 2017, stands at 0.63.

Patterson-UTI’s (PTEN) management believes that 2017 will see positive momentum for the company, led by higher drilling and pressure pumping activity.

Short interest in Nabors Industries (NBR), as a percentage of its float, rose to 11.5% as of March 31, 2017—compared to 6.5% as of December 30, 2016.

In the past year, as of March 20, 2017, Patterson-UTI Energy’s (PTEN) stock has risen 45%.