Patterson-UTI (PTEN)

Our continued Sell recommendation on Patterson-UTI (PTEN - Analyst Report) 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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Read the full analyst report on PTEN

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Zacks Blog: Nat Gas Rig Count Snaps Losing Streak
(BHI, CHK, COP, PTEN, TLM, NE, XOM, RIG, ECA, HP, UPL, NBR, DO)	05/22/12

Zacks Blog: Natural Gas Surplus Shrinks
(DVN, MHP, CHK, HAL, COP, PTEN, TLM, XOM, ECA, APC, HP, UPL, NBR)	05/21/12

Zacks Blog: Natural Gas Supplies Still Plentiful
(DVN, MHP, CHK, HAL, COP, PTEN, TLM, XOM, ECA, APC, HP, UPL, NBR)	05/11/12

Zacks Blog: The Zacks Analyst Blog Highlights: Baker Hughes, Transocean, Diamond Offshore, Patterson-UTI Energy and Helmerich & Payne
(BHI, RIG, DO, PTEN, HP)	05/09/12

Zacks Blog: Nat Gas Drilling Hits New 10-Yr Low
(BHI, CHK, COP, PTEN, TLM, NE, XOM, RIG, ECA, HP, UPL, NBR, DO)	05/08/12

DJIA	12529.75	33.60	0.27%
NASD	2839.38	-10.74	-0.38%
S&P 500	1320.68	1.82	0.14%

Patterson-UTI (PTEN)

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