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Patterson-UTI's (PTEN) Q4 Earnings Update: Points to Note
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Patterson-UTI Energy (PTEN - Free Report) recently offered a glimpse of its fourth-quarter 2022 results.
The Houston, TX-based oilfield services company said that based on current estimates, its fourth-quarter profits are likely to be more than $100 million, while adjusted EBITDA for the period should exceed $230 million.
Continuing with its policy of using the excess cash from a supportive environment to reward investors with dividends and buybacks, PTEN ploughed back $74.3 million to its shareholders in the fourth quarter. The company also bought back $22.4 million of its long-term debt during the three-month period that ended Dec 31, 2022.
In further positive commentary, Patterson-UTI said that its key contract drilling unit benefited from higher daily average rig revenues as contracts were renewed at prices that were more than expected. Finally, PTEN’s pressure pumping operations got a boost from strong pricing, higher utilization and low holiday-related downtime.
Q4 Estimates
This Zacks Rank #1 (Strong Buy) company, which is one of the largest North American land drilling contractors, is expected to release fourth-quarter 2022 results in the second week of February. The current Zacks Consensus Estimate for Patterson-UTI’s to-be-reported quarter is a profit of 39 cents per share on revenues of $752.9 million.
Apart from PTEN, investors interested in the energy sector might look at operators like Murphy USA (MUSA - Free Report) , Helmerich & Payne (HP - Free Report) and Oceaneering International (OII - Free Report) , Each of the companies has a Zacks Rank of 1.
Murphy USA: Over the past 60 days, this El Dorado, AR-based Murphy USA has seen the Zacks Consensus Estimate for 2022 improve 4%. MUSA, which surpassed third-quarter bottom-line estimates by 18.7%, is valued at around $6.1 billion.
Murphy USA has a trailing four-quarter earnings surprise of roughly 51%, on average. MUSA has seen its shares gain 39.1% in a year.
Helmerich & Payne: Helmerich & Payne is valued at some $4.8 billion. The Zacks Consensus Estimate for HP’s fiscal 2023 earnings has been revised 19.9% upward over the past 60 days.
Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 51%, on average 124.2%. HP shares have surged 63.2% in a year.
Oceaneering International: OII beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 33.4%, on average.
Oceaneering International is valued at around $1.7 billion. OII has seen its shares gain 35.2% in a year.
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Patterson-UTI's (PTEN) Q4 Earnings Update: Points to Note
Patterson-UTI Energy (PTEN - Free Report) recently offered a glimpse of its fourth-quarter 2022 results.
The Houston, TX-based oilfield services company said that based on current estimates, its fourth-quarter profits are likely to be more than $100 million, while adjusted EBITDA for the period should exceed $230 million.
Continuing with its policy of using the excess cash from a supportive environment to reward investors with dividends and buybacks, PTEN ploughed back $74.3 million to its shareholders in the fourth quarter. The company also bought back $22.4 million of its long-term debt during the three-month period that ended Dec 31, 2022.
In further positive commentary, Patterson-UTI said that its key contract drilling unit benefited from higher daily average rig revenues as contracts were renewed at prices that were more than expected. Finally, PTEN’s pressure pumping operations got a boost from strong pricing, higher utilization and low holiday-related downtime.
Q4 Estimates
This Zacks Rank #1 (Strong Buy) company, which is one of the largest North American land drilling contractors, is expected to release fourth-quarter 2022 results in the second week of February. The current Zacks Consensus Estimate for Patterson-UTI’s to-be-reported quarter is a profit of 39 cents per share on revenues of $752.9 million.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Energy Picks
Apart from PTEN, investors interested in the energy sector might look at operators like Murphy USA (MUSA - Free Report) , Helmerich & Payne (HP - Free Report) and Oceaneering International (OII - Free Report) , Each of the companies has a Zacks Rank of 1.
Murphy USA: Over the past 60 days, this El Dorado, AR-based Murphy USA has seen the Zacks Consensus Estimate for 2022 improve 4%. MUSA, which surpassed third-quarter bottom-line estimates by 18.7%, is valued at around $6.1 billion.
Murphy USA has a trailing four-quarter earnings surprise of roughly 51%, on average. MUSA has seen its shares gain 39.1% in a year.
Helmerich & Payne: Helmerich & Payne is valued at some $4.8 billion. The Zacks Consensus Estimate for HP’s fiscal 2023 earnings has been revised 19.9% upward over the past 60 days.
Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 51%, on average 124.2%. HP shares have surged 63.2% in a year.
Oceaneering International: OII beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 33.4%, on average.
Oceaneering International is valued at around $1.7 billion. OII has seen its shares gain 35.2% in a year.