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April 24, 2014
06:11 EDTPTENPatterson-UTI Energy reports Q1 EPS 24c, consensus 25c
Reports Q1 revenue $678.17M, consensus $678.66M. Andy Hendricks, Patterson-UTI's CEO, stated, "We experienced strong growth in our rig count, which averaged 193 rigs in the United States during Q1, an increase of 10 from 183 rigs in 4Q13. In Canada, our average rig count increased to 10 rigs in Q1 from nine rigs in Q4. Our rig count in the United States continues to grow, and we expect to average 199 rigs operating during April, while in Canada our rig count is being impacted by the annual seasonal decline in activity and is expected to average one rig during April."
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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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