Moody's Ratings (Moody's) has completed a periodic review of the ratings of Patterson-UTI Energy, Inc. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 16 September 2024 in which we reassessed the appropriateness of the ratings in t...
Moody's Investors Service ("Moody's") assigned a Baa3 rating to Patterson-UTI Energy, Inc.'s (Patterson) proposed $400 million of senior unsecured notes due 2033. Patterson's other ratings and stable outlook remain unchanged. Patterson will use net proceeds from the notes issuance to repay borrowi...
Moody's Investors Service ("Moody's") commented that Patterson-UTI Energy, Inc.'s (Patterson) acquisition of Ulterra Drilling Technologies, L.P. (Ulterra) does not currently affect Patterson's ratings or outlook (Baa3 stable). The announcement of this acquisition follows Patterson's announcement la...
Moody's Investors Service (Moody's) commented that Patterson-UTI Energy, Inc.'s (Patterson) all-stock merger with NexTier Oilfield Solutions Inc. (NexTier) does not affect Patterson's ratings (Baa3 stable). The transaction, which has a combined enterprise value of about $5.4 billion, will enhance t...
Rally Continues Following Breaks in USD & 10-Yr Yield Our Russell 2000 (IWM) and S&P 500 targets for this rally have been the 200-day MAs, coinciding with YTD downtrends. The Russell already hit this target while the S&P is closing in, less than 1% away. Still, the vast majority of signals point to further upside ahead for the market indexes. These same signals also suggest a possible end to this bear market, something that we have said would be the case if the IWM and S&P 500 can break above (...
Moody's Investors Service ("Moody's") changed Patterson-UTI Energy, Inc.'s (Patterson) outlook to stable and affirmed its Baa3 senior unsecured rating. "Patterson's outlook change reflects the improving oilfield services market outlook and the company's rising cash flow on the back of increasing ...
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