Onshore Drillers: An updated Net Income and Cash Flow Forecast for Patterson-UTI Energy (PTEN) is now available under the Watch List Tab.
PTEN is now expected to report a dip in EPS in Q2 then earnings should improve during the 2nd half. Seasonal weakness in the Canadian market and reduced margins on pressure pumping are the primary reasons. PTEN is well positioned to rebound in Q3.
Patterson reported an increase in the number of rigs on long-term contracts and they have several more Apex rigs coming to market on long-term contracts this quarter. The stock is trading for just 3X my CFPS estimate.
I'm working on HP's forecast next.