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Patterson-UTI Energy, Inc. (PTEN) - free report >>
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Patterson-UTI Energy, Inc. (PTEN) - free report >>
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Patterson (PTEN) Signs Agreement to Acquire Warrior Rig
Onshore contract driller, Patterson-UTI Energy Inc. (PTEN - Free Report) recently declared that it has signed a deal to acquire Calgary, Alberta-based drilling technology company, Warrior Rig Ltd., and certain related entities. The transaction amount has not been disclosed as yet.
Patterson expects that the deal would improve its competitive position within the high-spec rig market. This transaction is anticipated to help the company in expanding its technology portfolio. The deal is subject to customary closing conditions, and is expected to close soon.
PATTERSON-UTI Price
PATTERSON-UTI Price | PATTERSON-UTI Quote
Headquartered in Houston, TX, Patterson-UTI Energy is one of the largest North American land drilling contractor, having a large, high-quality fleet of drilling rigs. The company’s technologically advanced ‘Apex’ rigs are the key to its success. On the earnings front, the company reported loss per share of 58 cents, narrower the Zacks Consensus Estimate of a loss of 63 cents. The narrower-than-expected loss could be attributed to good execution and reduction in the cost structure.
However, Patterson-UTI Energy’s revenues, earnings and cash flow are expected to be significantly impacted in the coming months amid weak crude pricing. Patterson currently carries a Zacks Rank #3 (Hold), which implies that the company will perform in line with the broader U.S. equity market over the next one to three months.
Some better-ranked players from the broader energy sector include NGL Energy Partners LP (NGL - Free Report) , Carrizo Oil & Gas Inc. and Matador Resources Company (MTDR - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
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