Patterson-UTI (PTEN)

Our continued Sell recommendation on Patterson-UTI (PTEN) shares reflects our expectation of a sustained softness in onshore drilling activities, resulting from a combination of commodity-price weakness, too much natural gas supply and recession-hit demand, particularly in the industrial sector.

Patterson-UTI remains particularly vulnerable to this weak macro environment given its lack of contract coverage and heavy spot market exposure.

While the company remains in strong financial health, its recent decision to cut its quarterly dividend by 69% is a prudent move to conserve capital.

Patterson-UTI (PTEN) : FULL ANALYST REPORT

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Email	Print	Share	Rate Pos	Rate Neg		Comment

Zacks Blog: Oil, Gas Rig Counts Drift Apart
(BHI, PTEN, NE, RIG, HP, NBR, DO)	02/07/12

Zacks Blog: Natural Gas Supplies Still Abundant
(DVN, MHP, CHK, HAL, PTEN, ECA, APC, HP, NBR)	02/06/12

Zacks Blog: A Narrow Miss for Patterson-UTI
(PTEN, NBR)	02/03/12

Zacks Blog: U.S. Rig Count Remains in Check
(BHI, PTEN, NE, RIG, HP, NBR, DO)	01/31/12

Zacks Blog: Helmerich & Payne Beats Estimates
(PTEN, HP, NBR)	01/31/12

Symbol	Price	Net	% Change	Zacks Rank	Zacks Rec
PTEN	18.45	$0.00	0.00 %	PREMIUM	PREMIUM

DJIA	12890.46	6.51	0.05%
NASD	2927.23	0.00	0.00%
S&P 500	1351.95	1.99	0.15%

Patterson-UTI (PTEN)

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