Why Patterson-UTI Energy Stock Is Slumping Today
Shares of Patterson-UTI Energy (NASDAQ: PTEN) declined as much as 11.5% by 3 p.m. EDT on Thursday. Fueling the slump in the onshore contract driller's stock: its second-quarter earnings.
Oil prices have been quite volatile over the past year, enduring their second decline of more than 20% during the second quarter. The most recent slump caused oil producers in the U.S. to tap the brakes on their drilling programs, which negatively impacted contract drillers like Patterson-UTI Energy.
That was evident in the company's second-quarter results, as revenue declined from $854 million in the year-ago period to $676 million during this year's second quarter. Meanwhile, the company reported a net loss of $35.9 million, or $0.17 per share. On the bright side, the drilling contractor's results weren't as bad as analysts feared; revenue beat their consensus estimate, while the company's net loss wasn't as bad as they anticipated.
Quelle Fool.com
