Relaunching Coverage of Patterson-UTI Energy
We are relaunching coverage on Patterson-UTI Energy, Inc., with a fair value estimate of $15, a 36% discount to the stock’s current price. As with many of its oilfield service peers, we are roughly in line or even bullish compared with consensus in our near-term expectations. We see 2017 and 2018 adjusted EPS of negative $1.84 and negative $0.05, versus a consensus of $1.86 and negative $0.81, respectively. However, whereas consensus is generally valuing most oilfield service stocks on a very bu...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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