Patterson-UTI Energy Posts Narrower Loss In Q3 - Quick Facts

(RTTNews) - Patterson-UTI Energy Inc. (PTEN) reported a third quarter loss per share of $0.60, compared to a loss of $1.31, a year ago. On average, 19 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.62, for the quarter. Analysts' estimates typically exclude special items.

Third quarter revenues were $207 million, compared to $598 million, last year. Analysts expected revenue of $196.1 million, for the quarter.

Andy Hendricks, CEO, said, "Our financial results during the third quarter exceeded our expectations across all of our business segments, as drilling and completion activity stabilized during the third quarter. Assuming commodity prices remain around current levels, we expect our profitability will be at or near an inflection point in the fourth quarter and move higher in early-2021."

The company declared a quarterly dividend on its common stock of $0.02 per share, payable on December 17, 2020 to holders of record as of December 3, 2020.