Patterson-UTI Energy (PTEN)

[dan_s]

Check under the Watch List tab for my updated forecast model for PTEN. - Dan

HOUSTON, July 26, 2012 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (PTEN) today reported financial results for the three months ended June 30, 2012. The Company reported net income of $92.5 million, or $0.60 per share, for the second quarter of 2012, an increase of 13% compared to net income of $81.6 million, or $0.52 per share, for the quarter ended June 30, 2011. Revenues for the second quarter of 2012 were $681 million, compared to $600 million for the second quarter of 2011, an increase of 14%.

The financial results for the three months ended June 30, 2012 include a pretax gain on the sale of assets of $27.2 million ($0.11 per share) related to the sale of the Company's flowback operations and the auction sale of certain excess drilling assets.

During the quarter, the Company repurchased approximately 4.7 million shares, or more than 3% of its outstanding shares, for $70 million under the existing share repurchase program. Yesterday, the Board of Directors increased the Company's authorization for share repurchases, which now stands at $150 million. [They firmly believe their stock is grossly undervalued and so do I. Wall Street has oversold the entire group.]

[setliff]

latest update i could find is 7-10.

jim

[dan_s]

I posted it late last night.