Land Drillers See Improved 2Q Results, But Our Bearish Thesis Is Still in Place
Unsurprisingly, land drillers Helmerich & Payne, Patterson, and Precision all posted solid improvement in their second-quarter results, owing to increases in U.S. shale activity levels. Our fair value estimates and no-moat ratings for the companies are unchanged.Rig counts for the three companies improved an average 6%, buoyed by an 11% increase in the overall U.S. horizontal rig count. Overall Tier 1 rig utilization has reached about 83% by our estimates--the highest mark since the fourth...
Patterson-UTI Energy is an oilfield services company that primarily owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment. The company's business segments are: contract drilling services, which markets its contract drilling services to independent and other oil and natural gas operators; pressure pumping services, which provides pressure pumping services to oil and natural gas operators, primarily in Texas, the Mid-Continent region and the Appalachian region; and directional drilling services, which provides a suite of directional drilling services, including directional drilling and downhole performance motors in various onshore oil and natural gas basins.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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