Patterson Shares Tumble as Market View on Pressure Pumpers Moves Closer to Our Bearish Outlook
We were unsurprised by Patterson’s fourth-quarter results, with the operating loss of $22 million (translating into a negative 2% margin) right in line with our expectations. By contrast, the market was shocked by the results, sending Patterson’s shares into a free-fall. Our fair value and no-moat rating are unchanged, for now.Altogether, Patterson’s share price has fallen about 20% since the company’s announcement. Given that many of Patterson’s pressure pumping peers like Keane and ProPetro a...
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