Patterson-UTI Energy reports Q2 EPS 37c, consensus 32c Reports Q2 revenue $757.28M, consensus $710.3M. Andy Hendricks, Patterson-UTI's CEO stated, "Our average rig count in the United States increased by eight rigs in Q2 to 201 rigs from 193 rigs in Q1. The growth in U.S. rig count more than offset the annual seasonal decline in Canada to three rigs from 10 rigs in Q1. Activity in Canada has begun to ramp up and our rig count in the United States is continuing to increase. For the month of July, we expect to average 207 rigs operating in the United States and 9 rigs in Canada."
Patterson-UTI downgraded to Neutral from Buy at Citigroup Citigroup downgraded Patterson-UTI to Neutral citing the recent rally in shares and its belief onshore focused service providers are most at-risk of profit-taking. The firm keeps a $22 price target for the name.