Patterson-UTI Energy, Inc.
- Open
- 9.74
- Day high
- 10.07
- Day low
- 9.73
- Prev close
- 9.64
- Volume
- 8.5M
- Mkt cap
- $3.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.2
- P/S
- 0.8
- Yield
- 3.59%
- Per share
- $0.36
- ▼Insiders net selling -$11.9M over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions mixed (13F)
Patterson-UTI Energy, Inc. (PTEN) is a Energy company listed on NASDAQ. The stock is up 69% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Patterson-UTI Energy, Inc. (PTEN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PTEN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $-0.10 | $-0.06 | +40.0% | $1.1B | +1.4% |
| Feb 4, 2026 | $-0.11 | $-0.02 | +81.8% | $1.2B | +4.2% |
| Oct 22, 2025 | $-0.10 | $-0.06 | +40.0% | $1.2B | +6.9% |
| Jul 23, 2025 | $-0.04 | $-0.06 | -50.0% | $1.2B | +3.9% |
| Apr 23, 2025 | $-0.04 | $0.00 | +106.5% | $1.3B | +8.6% |
| Feb 5, 2025 | $-0.10 | $-0.12 | -20.0% | $1.2B | -7.9% |
| Oct 23, 2024 | $-0.03 | $-2.50 | -9027.4% | $1.4B | +8.4% |
| Jul 24, 2024 | $0.09 | $0.05 | -44.4% | $1.3B | -5.5% |
| May 1, 2024 | $0.13 | $0.15 | +15.4% | $1.5B | -0.3% |
| Feb 14, 2024 | $0.19 | $0.15 | -21.1% | $1.6B | +5.2% |
| Jul 26, 2023 | $0.44 | $0.45 | +2.3% | $759M | -2.9% |
| Feb 8, 2023 | $0.42 | $0.46 | +9.5% | $788M | +3.6% |
PTEN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 10, 2026 | Robinson Forrest Cofficer: Chief Accounting Officer | Sell | 13,670 | $12.01 |
| Jun 10, 2026 | Robinson Forrest Cofficer: Chief Accounting Officer | Tax | 5,749 | $11.90 |
| Jun 10, 2026 | Robinson Forrest Cofficer: Chief Accounting Officer | Grant | 20,833 | — |
| Jun 9, 2026 | Hendricks William Andrew JRdirector, officer: President & CEO | Sell | 200,000 | $11.64 |
| Jun 1, 2026 | Holcomb James Michaelofficer: EVP & Chief Operating Officer | Sell | 150,000 | $11.47 |
| May 12, 2026 | BERNS KENNETH Nofficer: Executive Vice President | Tax | 12,096 | $11.42 |
| May 12, 2026 | Smith Charles Andrewofficer: EVP & Chief Financial Officer | Tax | 13,016 | $11.42 |
| May 12, 2026 | Wexler Seth Davidofficer: EVP, General Counsel&Secretary | Tax | 10,363 | $11.42 |
| May 12, 2026 | Holcomb James Michaelofficer: EVP & Chief Operating Officer | Tax | 12,395 | $11.42 |
| May 12, 2026 | Hendricks William Andrew JRdirector, officer: President & CEO | Tax | 48,952 | $11.42 |
| May 7, 2026 | Jaime Cesardirector | Sell | 10,000 | $12.29 |
| May 7, 2026 | Smith Charles Andrewofficer: EVP & Chief Financial Officer | Tax | 11,943 | $12.29 |
| May 7, 2026 | BERNS KENNETH Nofficer: Executive Vice President | Tax | 12,680 | $12.29 |
| May 7, 2026 | Hendricks William Andrew JRdirector, officer: President & CEO | Tax | 31,677 | $12.29 |
| May 7, 2026 | Holcomb James Michaelofficer: EVP & Chief Operating Officer | Tax | 9,741 | $12.29 |
Source: PTEN SEC Form 4 filings, latest Jun 10, 2026. For informational purposes only — not investment advice.
See the full PTEN insider & 13F page →Patterson-UTI Energy, Inc. company profile
Overview
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is a Houston-based oilfield services company founded in 1978 that has grown to become one of North America's largest providers of onshore drilling and completion services. The company went public in 1993 and has expanded through strategic acquisitions, most notably completing major mergers with NexTier and Ulterra in 2023 to create an integrated drilling and completion services platform. Today, Patterson-UTI operates one of the largest fleets of land-based drilling rigs in the United States and provides comprehensive oilfield services to oil and natural gas operators across major North American energy basins.
Business
Patterson-UTI operates in the oilfield services industry, which provides essential equipment and expertise to oil and natural gas exploration and production companies. The company functions as a contractor that helps energy companies drill new wells and complete them for production, rather than owning the oil and gas reserves themselves. The company operates through three primary business segments: Contract Drilling Services represents the company's core historical business, generating approximately 32% of total revenue. This segment owns and operates a fleet of 192 land-based drilling rigs that drill wells for oil and gas operators under contract. These rigs are sophisticated pieces of equipment that can cost $20-30 million each and are capable of drilling wells several miles deep and horizontally through underground rock formations. The drilling process involves rotating a drill bit attached to a long string of connected drill pipe, with the rig providing the power, control systems, and skilled crews needed to safely and efficiently reach oil and gas deposits. Completion Services is the largest segment, accounting for roughly 60% of revenue following the 2023 NexTier acquisition. This segment provides hydraulic fracturing (or "fracking") services, which involve pumping water, sand, and chemicals at extremely high pressure into newly drilled wells to create fractures in underground rock formations, allowing oil and gas to flow more freely. The company operates large fleets of specialized equipment including high-pressure pumps, blenders, and storage tanks. Patterson-UTI has been investing heavily in cleaner technologies, including electric-powered and 100% natural gas-powered fracturing equipment to reduce emissions and operating costs. Drilling Products generates about 7% of revenue and manufactures specialized drilling tools and equipment, including drill bits, downhole motors, and directional drilling systems. This segment serves both Patterson-UTI's internal operations and external customers, with significant international sales particularly in the Middle East and offshore markets.
Revenue model
Patterson-UTI generates revenue primarily through service contracts with oil and gas exploration and production companies. The company's business model is based on providing specialized equipment, skilled labor, and technical expertise under various contract structures. For drilling services, the company typically charges day rates ranging from $19,000 to $40,000 per day depending on rig specifications and market conditions. These contracts can last from weeks to years, with customers paying for the time the rig is actively working on their wells. The company also offers performance-based contracts where compensation is tied to drilling efficiency metrics like rate of penetration or total well cost. Completion services revenue comes from per-job pricing for hydraulic fracturing operations, with customers paying based on the amount of work performed (measured in stages completed or horsepower-hours utilized). The company is developing integrated service offerings that combine drilling and completion services under single contracts with performance incentives. Drilling products revenue comes from direct sales of manufactured equipment and tools, along with rental fees for specialized downhole equipment. Several factors significantly impact the company's profitability margins. Commodity price cycles drive customer drilling activity levels - when oil and gas prices are high, operators drill more wells and pay higher service rates, while low prices reduce activity and pressure pricing. Equipment utilization rates are critical since the company has high fixed costs for maintaining its rig and frac fleets. Labor availability and costs can swing margins significantly, as skilled oilfield workers are in short supply during busy periods. Fuel costs directly impact operations since drilling and completion services are energy-intensive. The company's shift toward natural gas-powered equipment helps hedge against diesel price volatility while often providing cost advantages in gas-rich operating areas.
Competitive moat
Patterson-UTI operates in a cyclical commodity services industry with limited sustainable competitive advantages. The company's primary moat comes from its scale and integrated service offering, as it now operates one of the largest drilling rig fleets in North America and can provide comprehensive drilling-to-completion services that smaller competitors cannot match. The company's high-specification equipment fleet provides some differentiation, as its Tier 1 "super-spec" drilling rigs and modern completion equipment can handle complex drilling operations that older, lower-spec equipment cannot perform. This creates pricing power for certain types of wells, particularly in challenging formations. Customer relationships and operational expertise built over decades provide modest barriers to entry, as oil and gas operators value proven performance and safety records when selecting service providers. The company's recent focus on performance-based contracts and integrated service delivery could strengthen these relationships. However, the moat is relatively weak overall. The oilfield services industry is highly fragmented with numerous competitors, and barriers to entry are primarily capital-intensive rather than technology or regulatory-based. Equipment can be commoditized, and during downturns, intense price competition erodes margins rapidly. The company faces competition from large integrated players like Halliburton and Schlumberger, as well as numerous smaller regional operators. New technologies like electric fracturing and automation could disrupt traditional service models, though Patterson-UTI is investing to stay competitive in these areas.
Risks & safety
Patterson-UTI presents a moderate margin of safety with solid liquidity but cyclical earnings volatility. **Liquidity and Solvency:** - Strong cash position of $225 million and current ratio of 1.61 - Manageable debt-to-equity ratio of 0.38 - Positive free cash flow generation of $497 million in 2024 - No immediate solvency concerns with adequate working capital **Valuation Metrics:** - Trading at 4.2x EV/EBITDA, reasonable for cyclical services company - Price-to-book ratio of 0.93, suggesting potential asset value - Negative earnings in recent periods due to merger-related charges and asset impairments **Other Considerations:** - Highly cyclical industry with volatile cash flows tied to commodity prices - Large capital requirements for equipment maintenance and technology upgrades - Recent major acquisitions create integration risks and goodwill impairment potential
Recent development
Patterson-UTI has undergone significant strategic transformation over the past two years through major acquisitions and operational integration. The company completed transformative mergers with NexTier (completion services) and Ulterra (drilling products) in 2023, creating a comprehensive oilfield services platform capable of providing integrated drilling-to-completion services. The company has prioritized technology advancement and environmental sustainability, investing heavily in natural gas-powered and electric fracturing equipment. By mid-2025, Patterson-UTI expects to operate 200,000 horsepower of natural gas-powered completion equipment, reducing emissions and operating costs compared to traditional diesel-powered fleets. A key strategic initiative is the development of integrated service contracts that combine drilling and completion services under performance-based agreements. These contracts allow the company to optimize total well costs and drilling efficiency while potentially earning performance bonuses, representing a shift from traditional day-rate pricing models. The company has also expanded into power generation services, leveraging its natural gas fueling capabilities and electrical engineering expertise to serve off-grid industrial customers, including potential opportunities in data center power solutions. International expansion efforts include a joint venture with ADNOC Drilling and SLB in the UAE, and growing drilling products sales in the Middle East and offshore markets. The company sees significant growth potential in international markets, particularly in Saudi Arabia and Argentina. Capital allocation discipline has been emphasized, with commitments to return at least 50% of free cash flow to shareholders through dividends and share buybacks, while maintaining measured capital expenditure levels focused on high-return technology investments.
PTEN company profile · for informational purposes only — not investment advice.
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