Nabors cut at Citi on limited near-term free cash flow; Patterson-UTI preferred [Seeking Alpha]
Patterson-UTI Energy, Inc. (PTEN)
Last patterson-uti energy, inc. earnings: 4/23 06:01 am
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Source: Seeking Alpha
target, slashed from $110, citing an elevated debt load and limited near-term free cash flow generation. Citi's Scott Gruber lowers his FY 2025 EBITDA forecast for Nabors ( NBR ) to $934M, 5% below analyst consensus, and his 2025 FCF outlook to $90M, more than 50% below consensus, given lower U.S. rig count expectations and the headwind of international customers being slow paying in low oil price environments. Gruber also thinks the appetite to invest in leveraged small-cap energy stocks likely remains low until a better outlook for crude emerges. The analyst prefers Patterson-UTI Energy ( PTEN ) among drilling contractors, rating the stock at Buy as the quality of operations should facilitate margin generation that is better than the prior decade, albeit still only delivering normal returns. Patterson-UTI's ( PTEN ) EBITDA growth also should get a boost from deal synergies, and FCF should be robust given continued capital discipline, Gruber says. Overall, Gruber forecasts
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PTEN
News
- Patterson-UTI Energy, Inc. (NASDAQ: PTEN) had its price target lowered by analysts at Morgan Stanley from $12.00 to $10.00. They now have an "equal weight" rating on the stock.MarketBeat
- Patterson-UTI Energy, Inc. (NASDAQ: PTEN) had its price target lowered by analysts at Citigroup Inc. from $12.50 to $11.00. They now have a "buy" rating on the stock.MarketBeat
- Patterson-UTI Reports Drilling Activity for August 2024Accesswire
- Patterson-UTI Energy, Inc. (NASDAQ: PTEN) had its price target lowered by analysts at ATB Capital from $12.00 to $11.00. They now have an "outperform" rating on the stock.MarketBeat
- Why Is Patterson-UTI (PTEN) Down 13.6% Since Last Earnings Report? [Yahoo! Finance]Yahoo! Finance
PTEN
Earnings
- 7/24/24 - Miss
PTEN
Sec Filings
- 9/3/24 - Form 8-K
- 9/3/24 - Form 8-K
- 8/20/24 - Form 4
- PTEN's page on the SEC website