Professional
Added to YB: 2024-03-13
Pitch date: 2024-03-07
PTEN [bullish]
Patterson-UTI Energy, Inc.
-24.3%
current return
Author Info
No bio for this author
Company Info
Patterson-UTI Energy, Inc., through its subsidiaries, provides drilling and completion services to oil and natural gas exploration and production companies in the United States, Canada, Colombia, and internationally.
Market Cap
$3.1B
Pitch Price
$11.22
Price Target
16.00 (+88%)
Dividend
4.94%
EV/EBITDA
4.28
P/E
-33.17
EV/Sales
0.82
Sector
Energy Equipment and Services
Category
special_situation
Patterson-UTI Energy, Inc.: Patterson UTI's 2023 Acquisitions Position It as a North American Oilfield Service Leader
PTEN: Brett Castelli sets $18 PT, post-Q4 and M&A activities with NexTier, Ulterra. '23 key year, boosting scale in N. American oilfield services. '24: steady services but short-term natural gas activity drop. 50%+ FCF for shareholder returns, $400M in dividends/buybacks, $740M capex. Focus on domestic, MidEast via Ulterra. Competitive market challenges pricing power; strengths in super-spec rigs, ESG. Risks: competition, environmental issues. Balancing growth, returns, and M&A value maintenance.
Read full article (9 min)