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Patterson-UTI Energy (PTEN)

Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States, including contract drilling, pressure pumping and directional drilling services.

Company profile

Ticker
PTEN
Exchange
NASDAQ
Website
www.patenergy.com
CEO
William Andrew Hendricks
Employees
Incorporated
Delaware
Location
Texas
Fiscal year end
Dec 31
Sector
Mining, Quarrying, and Oil and Gas Extraction > Drilling Oil and Gas Wells
Industry (SIC)
Drilling Oil & Gas Wells
Transocean • Seadrill • Valaris • Noble • Nabors Industries • Noble • Diamond Offshore Drilling • Helmerich & Payne • Vantage Drilling International • Borr Drilling ...
Former names
PATTERSON ENERGY INC
SEC CIK
0000889900
Corporate docs
Subsidiaries
Ambar Lone Star Fluid Services LLC • Current Power Solutions, Inc. • Drilling Technologies 1 LLC • Drilling Technologies 2 LLC • Great Plains Oilfield Rental, L.L.C. • Keystone Rock & Excavation, L.L.C. • MS Directional, LLC • Patterson Petroleum LLC • Patterson-UTI Drilling Canada Limited • Patterson-UTI Drilling Company LLC ...
IRS number
752504748

PTEN stock data

News

From Benzinga Pro
Susquehanna Maintains Positive on Patterson-UTI Energy, Raises Price Target to $23
8 Jun 22
Susquehanna analyst Charles Minervino maintains Patterson-UTI Energy (NASDAQ:PTEN) with a Positive and raises the price target from $20 to $23.
Benzinga's Top Ratings Upgrades, Downgrades For June 1, 2022
1 Jun 22
Upgrades
What 8 Analyst Ratings Have To Say About Patterson-UTI Energy
1 Jun 22
Over the past 3 months, 8 analysts have published their opinion on Patterson-UTI Energy (NASDAQ:PTEN) stock. These analysts are typically employed by large Wall Street banks and tasked with understanding a company's business to predict how a stock will trade over the upcoming year.
A Peek Into The Markets: US Stock Futures Mostly Higher; Crude Oil Rises Over 1%
1 Jun 22
Piper Sandler Downgrades Patterson-UTI Energy to Neutral, Announces $22.75 Price Target
1 Jun 22

Press releases

From Benzinga Pro
Patterson-UTI Reports Drilling Activity for May 2022
3 Jun 22
HOUSTON, TX / ACCESSWIRE / June 3, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of May 2022, the Company had an average of 121 drilling rigs operating in the United States. For the
Patterson-UTI Reports Drilling Activity for April 2022
4 May 22
HOUSTON, TX / ACCESSWIRE / May 4, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of April 2022, the Company had an average of 118 drilling rigs operating in the United States.Average
This Small-Cap Green Oil Play has Multiple Catalysts in Hot Market Space (EOG, PQEFF, DVN, PDCE, XOM, PTEN, MTDR, XLE)
28 Apr 22
With Germany out yesterday professing its support for a gradual EU ban on Russian oil, the stage is set for another supply-driven rally in the price of oil and gas around the world. Over the longer-term, the backdrop for
Patterson-UTI Energy Reports Financial Results for the Three Months Ended March 31, 2022
27 Apr 22
Patterson-UTI Publishes Corporate Sustainability Report
11 Apr 22

Analyst ratings and price targets

Last 3 months
Current price
Average target
$20.63
Low target
$20.00
High target
$22.75
Piper Sandler
Downgraded
Neutral
$22.75
1 Jun 22
JP Morgan
Upgraded
Neutral
$20.00
26 May 22
Morgan Stanley
Maintains
Overweight
$20.00
2 May 22
Barclays
Maintains
Overweight
$20.00
2 May 22
RBC Capital
Maintains
Sector Perform
$20.00
29 Apr 22
Benchmark
Initiated
Buy
$21.00
19 Apr 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

3 May 22
26 Jun 22
31 Dec 22

Financial summary

Financial statements Chart PTEN financial data
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 48.26M 48.26M 48.26M 48.26M 48.26M 48.26M
Cash burn (monthly) 23.09M 13.82M 9.28M 51.69M (no burn) (no burn)
Cash used (since last report) 66.3M 39.7M 26.66M 148.43M n/a n/a
Cash remaining -18.03M 8.57M 21.61M -100.16M n/a n/a
Runway (months of cash) -0.8 0.6 2.3 -1.9 n/a n/a

Beta Read what these cash burn values mean

Financial data from company earnings reports.

My content

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Community content

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Community annotations
Current rig additions may not be the most productive rigs
Transcript
2022 Q1
10 May 22
about 10% - 20% increase from current operating levels
Transcript
2022 Q1
10 May 22
DUCs may have bottomed
Transcript
2022 Q1
10 May 22

Recent insider trades

PTEN insider ownership history Insider history
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 Jun 22 Holcomb James Michael Common Stock, $.01 par value per share Sell Dispose S No Yes 17.45 8,333 145.41K 364,775
10 Jun 22 William Andrew Hendricks JR Common Stock, $.01 par value per share Sell Dispose S No Yes 18.69 7,400 138.31K 1,901,374
10 Jun 22 William Andrew Hendricks JR Common Stock, $.01 par value per share Sell Dispose S No Yes 18.05 192,600 3.48M 1,908,774
26 May 22 Berns Kenneth N Common Stock, $.01 par value per share Sell Dispose S No Yes 18.9 75,000 1.42M 686,732
25 May 22 Berns Kenneth N Common Stock, $.01 par value per share Sell Dispose S Yes Yes 17.89 12,000 214.68K 34,000
25 May 22 Berns Kenneth N Common Stock, $.01 par value per share Sell Dispose S No Yes 17.89 75,000 1.34M 761,732
17 May 22 Wexler Seth David Common Stock, $.01 par value per share Sell Dispose S No Yes 16.45 24,449 402.19K 248,968
16 May 22 Wexler Seth David Common Stock, $.01 par value per share Sell Dispose S No Yes 15.95 25,000 398.75K 273,417
16 May 22 Wexler Seth David Common Stock, $.01 par value per share Sell Dispose S No Yes 15.45 25,000 386.25K 298,417
16 May 22 William Andrew Hendricks JR Common Stock, $.01 par value per share Sell Dispose S No Yes 15.78 100,000 1.58M 2,101,374
Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q1 2022

PTEN institutional ownership history Ownership history
95.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 262 231 +13.4%
Opened positions 60 41 +46.3%
Closed positions 29 22 +31.8%
Increased positions 84 97 -13.4%
Reduced positions 89 58 +53.4%
13F shares Current Prev Q Change
Total value 92.89B 52.04B +78.5%
Total shares 205.91M 204.5M +0.7%
Total puts 2.8M 46.7K +5893.4%
Total calls 3.84M 1.48M +158.6%
Total put/call ratio 0.7 0.0 +2217.4%
Largest owners Shares Value Change
BLK Blackrock 35.47M $549.06M +1.4%
Vanguard 23.99M $371.35M +9.2%
MCQEF Macquarie 13.25M $205.09M +2.1%
Van Eck Associates 10.96M $169.68M -7.8%
STT State Street 8.83M $136.75M +8.6%
Dimensional Fund Advisors 8.81M $136.34M +3.1%
Allspring Global Investments 6.74M $104.39M +2.4%
Kahn Brothers 5.8M $89.71B -2.7%
Fuller & Thaler Asset Management 5.45M $84.43M -34.5%
Millennium Management 5.13M $79.41M +195.0%
Largest transactions Shares Bought/sold Change
JB Investments Management 1.22M -6.44M -84.1%
Ascribe Capital 0 -3.76M EXIT
Millennium Management 5.13M +3.39M +195.0%
Fuller & Thaler Asset Management 5.45M -2.87M -34.5%
Jennison Associates 2.78M +2.31M +501.0%
Deprince Race & Zollo 2.33M -2.21M -48.7%
Vanguard 23.99M +2.01M +9.2%
Norges Bank 0 -1.87M EXIT
CS Credit Suisse 181.2K -1.71M -90.4%
Charles Schwab Investment Management 3.47M +1.59M +84.3%
Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

?
Competition
Pioneer Energy Services • RPC • FTS International • U.S. Well Services • NexTier Oilfield Solutions • Liberty Energy

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: abroad, acquiree, advance, assigned, begun, cementing, chain, clearance, Clearwell, conflict, constant, coupled, data, discipline, environment, fewer, flat, floor, foreign, geopolitical, hydraulic, legacy, macro, match, meaningful, modernize, month, mud, ordinary, outlook, preceding, provisionally, quoted, readily, Release, remedial, sequential, sequentially, shifted, slightly, spec, specialist, stimulation, strong, super, Supplementary, tangible, tight, twelfth, Ukraine, underneath
Removed: AC, achieve, acted, adjustment, aggregated, aging, allocating, Amendment, APEX, approach, approximated, arrangement, ASU, bankruptcy, broader, capable, capitalizing, close, collectability, combined, communicate, comparable, computed, contractually, counterparty, declined, disclose, drew, eliminate, emergence, enacted, enhanced, expensed, expired, extend, floating, focusing, framework, goodwill, hosting, impaired, implementation, implemented, indirect, instrument, intended, intent, Junior, lieu, lowered, maintaining, mandatory, measurement, minimum, modify, OPEC, original, oversupplied, pad, par, Participating, percent, perform, performing, placement, pool, pound, powered, Preferred, prepay, reach, removed, representative, Rescue, restructuring, section, shortfall, significantly, software, steering, streamline, substantial, supportable, swiftly, terminal, test, testing, Trust, unobservable, utilized, wellbore, workforce, workover
From filing 10-Q 2022 Q1
Financial reports
View all
10-Q
2022 Q1
Quarterly report
3 May 22
10-K
2021 FY
Annual report
16 Feb 22
10-Q
2021 Q3
Quarterly report
2 Nov 21
10-Q
2021 Q2
Quarterly report
3 Aug 21
10-Q
2021 Q1
Quarterly report
4 May 21
10-K
2020 FY
Annual report
9 Feb 21
10-Q
2020 Q3
Quarterly report
27 Oct 20
10-Q
2020 Q2
Quarterly report
28 Jul 20
10-Q
2020 Q1
Quarterly report
28 Apr 20
10-K/A
2019 FY
Annual report (amended)
14 Feb 20
Current reports
View all
8-K
Regulation FD Disclosure
22 Jun 22
8-K
Departure of Directors or Certain Officers
3 Jun 22
8-K
Results of Operations and Financial Condition
27 Apr 22
8-K
Patterson-UTI Announces Appointment of Julie J. Robertson and Cesar Jaime to Board of Directors
1 Apr 22
8-K
Results of Operations and Financial Condition
10 Feb 22
8-K
Regulation FD Disclosure
30 Nov 21
8-K
Results of Operations and Financial Condition
28 Oct 21
8-K
Patterson-UTI Completes Acquisition of Pioneer Energy Services
4 Oct 21
8-K
Regulation FD Disclosure
8 Sep 21
8-K
Results of Operations and Financial Condition
29 Jul 21
Registration and prospectus
View all
424B3
Prospectus supplement
27 Aug 21
S-4/A
Registration of securities issued in business combination transactions (amended)
25 Aug 21
S-4
Registration of securities issued in business combination transactions
3 Aug 21
425
Business combination disclosure
29 Jul 21
425
Business combination disclosure
7 Jul 21
425
Business combination disclosure
6 Jul 21
425
Business combination disclosure
6 Jul 21
S-8
Registration of securities for employees
3 Jun 21
8-A12B/A
Registration of securities on exchange (amended)
23 Jul 20
8-A12B
Registration of securities on exchange
23 Apr 20
Proxies
View all
DEFA14A
Additional proxy soliciting materials
11 Apr 22
DEF 14A
Definitive proxy
11 Apr 22
DEFA14A
Additional proxy soliciting materials
12 Apr 21
DEF 14A
Definitive proxy
12 Apr 21
DEFA14A
Additional proxy soliciting materials
10 Apr 20
DEF 14A
Definitive proxy
10 Apr 20
DEFA14A
Additional proxy soliciting materials
9 May 19
DEFA14A
Additional proxy soliciting materials
12 Apr 19
DEF 14A
Definitive proxy
12 Apr 19
DEF 14A
Definitive proxy
23 Apr 18
Other
View all
SD
Conflict minerals disclosure
23 May 22
EFFECT
Notice of effectiveness
30 Aug 21
CORRESP
Correspondence with SEC
24 Aug 21
UPLOAD
Letter from SEC
15 Aug 21
SD
Conflict minerals disclosure
28 May 21
SD
Conflict minerals disclosure
31 May 19
EFFECT
Notice of effectiveness
10 Aug 18
CORRESP
Correspondence with SEC
6 Aug 18
UPLOAD
Letter from SEC
5 Aug 18
CORRESP
Correspondence with SEC
30 Jul 18
Ownership
View all
4
PATTERSON UTI ENERGY / James Michael Holcomb ownership change
14 Jun 22
4
PATTERSON UTI ENERGY / William Andrew Hendricks JR ownership change
14 Jun 22
4
PATTERSON UTI ENERGY / KENNETH N BERNS ownership change
27 May 22
4
PATTERSON UTI ENERGY / William Andrew Hendricks JR ownership change
18 May 22
4
PATTERSON UTI ENERGY / Seth David Wexler ownership change
18 May 22
4
PATTERSON UTI ENERGY / William Andrew Hendricks JR ownership change
12 May 22
4
PATTERSON UTI ENERGY / Seth David Wexler ownership change
4 May 22
4
PATTERSON UTI ENERGY / James Michael Holcomb ownership change
4 May 22
4
PATTERSON UTI ENERGY / KENNETH N BERNS ownership change
4 May 22
4
PATTERSON UTI ENERGY / Charles Andrew Smith ownership change
29 Apr 22

Transcripts

View all
2022 Q1
Earnings call transcript
28 Apr 22
2021 Q4
Earnings call transcript
10 Feb 22
2021 Q3
Earnings call transcript
28 Oct 21
2021 Q2
Earnings call transcript
29 Jul 21
2021 Q1
Earnings call transcript
29 Apr 21
2020 Q4
Earnings call transcript
4 Feb 21
2020 Q3
Earnings call transcript
22 Oct 20
2020 Q2
Earnings call transcript
23 Jul 20
2020 Q1
Earnings call transcript
23 Apr 20
2019 Q4
Earnings call transcript
6 Feb 20

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