Lowering Patterson FVE on Impact of Acquisition and Weaker Land Drilling Outlook
We are slightly lowering our Patterson fair value estimate to $14 per share from $14.25. The lower fair value estimate is due to incorporating the company’s recently announced acquisition of MS Energy Services, as well as recalibrating our forecast rig counts and day rates to bring our forecasts for Patterson more in line with peers. At current share prices, the company remains quite overvalued, which we believe is a result of the market’s continued overestimation of sustainable pressure pumping...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.
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