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Stock Market & Financial Investment News

News Breaks
March 21, 2014
06:09 EDTPTENPatterson-UTI Energy says Q1 pressure pumping operations impacted by weather
Patterson-UTI Energy announced that its pressure pumping operations in the Appalachian region have been negatively impacted by unusually severe weather during Q1. The company stated "We now expect pressure pumping revenues of approximately $240M for Q1, with a margin percentage of approximately 17%. The margin percentage is lower than we had projected as a result of having crews and equipment on location that were unable to provide revenue generating services during the unusually severe weather. While on location, we continued to incur labor, demurrage and other costs, including fuel costs to run our equipment in order to protect it in these extraordinary weather conditions. The severe weather has not significantly impacted our other operations, and demand remains strong for both our pressure pumping and drilling services even in the areas impacted by weather."
News For PTEN From The Last 14 Days
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September 3, 2015
06:03 EDTPTENPatterson-UTI reports August average of 106 drilling rigs operating in U.S.
Patterson-UTI reported that for the month of August, the company had an average of 106 drilling rigs operating in the United States and four rigs in Canada. For the two months ended August 31, the company had an average of 109 drilling rigs operating in the United States and four rigs in Canada.
September 1, 2015
10:05 EDTPTENOn The Fly: Analyst Downgrade Summary
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07:15 EDTPTENPatterson-UTI downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Patterson-UTI to Market Perform and cut its rating on the Land Drilling sector to Market Weight from Overweight. The firm believes weakness in the global oil market is likely to persist into 2016 and lowered its price target range for shares to $15-$19 from $22.50-$25.

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