Overview

* Patterson-UTI Q3 revenue of $1.2 bln beats analyst expectations

* Company reports Q3 net loss of $36 mln

* Returned $64 mln to shareholders via dividends and share repurchases

Outlook

* Company expects Q4 drilling services adjusted gross profit to decrease by 5%

* Company forecasts Q4 completion services adjusted gross profit at $85 mln

* Company anticipates strongest free cash flow generation in Q4

Result Drivers

* MARGIN PERFORMANCE - Patterson-UTI attributes margin outperformance to operational efficiency and technology advancements

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $1.20 $1.17

Revenue bln bln (10

Analysts

)

Q3 Net -$36 mln

Income

Q3 $0.08

Dividend

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the oil & gas drilling peer group is "buy"

* Wall Street's median 12-month price target for Patterson-UTI Energy Inc ( PTEN ) is $7.00, about 13.9% above its October 21 closing price of $6.03

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)