Intrinsic value of Patterson-UTI Energy - PTEN

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$22.49

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$22.49

 
Intrinsic value

$3.26

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PTEN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -51.56
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  916
  934
  956
  980
  1,008
  1,039
  1,072
  1,109
  1,148
  1,191
  1,236
  1,285
  1,337
  1,393
  1,452
  1,515
  1,581
  1,651
  1,726
  1,804
  1,887
  1,974
  2,067
  2,164
  2,266
  2,374
  2,488
  2,607
  2,733
  2,866
  3,005
Variable operating expenses, $m
 
  887
  908
  931
  957
  985
  1,017
  1,051
  1,088
  1,129
  1,172
  1,209
  1,258
  1,310
  1,366
  1,425
  1,487
  1,553
  1,623
  1,697
  1,775
  1,857
  1,944
  2,035
  2,132
  2,233
  2,340
  2,452
  2,571
  2,695
  2,826
Fixed operating expenses, $m
 
  528
  541
  555
  568
  583
  597
  612
  627
  643
  659
  676
  693
  710
  728
  746
  765
  784
  803
  823
  844
  865
  887
  909
  931
  955
  979
  1,003
  1,028
  1,054
  1,080
Total operating expenses, $m
  1,372
  1,415
  1,449
  1,486
  1,525
  1,568
  1,614
  1,663
  1,715
  1,772
  1,831
  1,885
  1,951
  2,020
  2,094
  2,171
  2,252
  2,337
  2,426
  2,520
  2,619
  2,722
  2,831
  2,944
  3,063
  3,188
  3,319
  3,455
  3,599
  3,749
  3,906
Operating income, $m
  -456
  -481
  -493
  -505
  -517
  -530
  -542
  -555
  -568
  -581
  -594
  -599
  -613
  -627
  -641
  -656
  -671
  -686
  -701
  -716
  -732
  -748
  -764
  -780
  -797
  -814
  -831
  -848
  -866
  -884
  -902
EBITDA, $m
  212
  196
  199
  205
  212
  222
  233
  247
  262
  279
  299
  320
  344
  369
  397
  428
  460
  496
  534
  574
  618
  665
  714
  768
  824
  885
  949
  1,017
  1,089
  1,166
  1,248
Interest expense (income), $m
  37
  30
  32
  34
  36
  39
  41
  44
  47
  51
  54
  58
  63
  67
  72
  77
  82
  88
  94
  101
  108
  115
  122
  130
  139
  148
  157
  167
  177
  188
  200
Earnings before tax, $m
  -496
  -511
  -525
  -539
  -553
  -568
  -583
  -599
  -615
  -632
  -649
  -658
  -676
  -694
  -713
  -733
  -753
  -774
  -795
  -817
  -839
  -862
  -886
  -911
  -936
  -961
  -988
  -1,015
  -1,043
  -1,072
  -1,101
Tax expense, $m
  -177
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -319
  -511
  -525
  -539
  -553
  -568
  -583
  -599
  -615
  -632
  -649
  -658
  -676
  -694
  -713
  -733
  -753
  -774
  -795
  -817
  -839
  -862
  -886
  -911
  -936
  -961
  -988
  -1,015
  -1,043
  -1,072
  -1,101

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,805
  3,845
  3,933
  4,034
  4,148
  4,274
  4,412
  4,562
  4,725
  4,900
  5,088
  5,289
  5,504
  5,732
  5,975
  6,233
  6,506
  6,795
  7,101
  7,424
  7,765
  8,125
  8,505
  8,905
  9,326
  9,770
  10,238
  10,730
  11,248
  11,792
  12,365
Adjusted assets (=assets-cash), $m
  3,770
  3,845
  3,933
  4,034
  4,148
  4,274
  4,412
  4,562
  4,725
  4,900
  5,088
  5,289
  5,504
  5,732
  5,975
  6,233
  6,506
  6,795
  7,101
  7,424
  7,765
  8,125
  8,505
  8,905
  9,326
  9,770
  10,238
  10,730
  11,248
  11,792
  12,365
Revenue / Adjusted assets
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
Average production assets, $m
  3,670
  3,743
  3,829
  3,927
  4,038
  4,160
  4,295
  4,441
  4,599
  4,770
  4,953
  5,149
  5,358
  5,580
  5,817
  6,067
  6,333
  6,615
  6,912
  7,227
  7,559
  7,909
  8,279
  8,668
  9,079
  9,511
  9,966
  10,445
  10,949
  11,479
  12,037
Working capital, $m
  18
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
Total debt, $m
  598
  630
  666
  708
  755
  807
  864
  926
  993
  1,066
  1,143
  1,226
  1,315
  1,409
  1,510
  1,616
  1,729
  1,848
  1,975
  2,108
  2,249
  2,398
  2,554
  2,720
  2,894
  3,077
  3,270
  3,473
  3,687
  3,912
  4,149
Total liabilities, $m
  1,556
  1,588
  1,624
  1,666
  1,713
  1,765
  1,822
  1,884
  1,951
  2,024
  2,101
  2,184
  2,273
  2,367
  2,468
  2,574
  2,687
  2,806
  2,933
  3,066
  3,207
  3,356
  3,512
  3,678
  3,852
  4,035
  4,228
  4,431
  4,645
  4,870
  5,107
Total equity, $m
  2,249
  2,257
  2,309
  2,368
  2,435
  2,509
  2,590
  2,678
  2,773
  2,876
  2,987
  3,105
  3,231
  3,365
  3,507
  3,659
  3,819
  3,989
  4,168
  4,358
  4,558
  4,769
  4,992
  5,227
  5,474
  5,735
  6,010
  6,298
  6,602
  6,922
  7,258
Total liabilities and equity, $m
  3,805
  3,845
  3,933
  4,034
  4,148
  4,274
  4,412
  4,562
  4,724
  4,900
  5,088
  5,289
  5,504
  5,732
  5,975
  6,233
  6,506
  6,795
  7,101
  7,424
  7,765
  8,125
  8,504
  8,905
  9,326
  9,770
  10,238
  10,729
  11,247
  11,792
  12,365
Debt-to-equity ratio
  0.266
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.350
  0.360
  0.370
  0.380
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.570
  0.570
Adjusted equity ratio
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -319
  -511
  -525
  -539
  -553
  -568
  -583
  -599
  -615
  -632
  -649
  -658
  -676
  -694
  -713
  -733
  -753
  -774
  -795
  -817
  -839
  -862
  -886
  -911
  -936
  -961
  -988
  -1,015
  -1,043
  -1,072
  -1,101
Depreciation, amort., depletion, $m
  668
  677
  692
  710
  730
  752
  775
  802
  830
  860
  893
  919
  957
  996
  1,039
  1,083
  1,131
  1,181
  1,234
  1,291
  1,350
  1,412
  1,478
  1,548
  1,621
  1,698
  1,780
  1,865
  1,955
  2,050
  2,149
Funds from operations, $m
  401
  165
  167
  171
  176
  183
  192
  203
  215
  229
  244
  262
  281
  302
  325
  351
  378
  407
  439
  474
  510
  550
  592
  637
  686
  737
  792
  850
  912
  978
  1,048
Change in working capital, $m
  96
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
Cash from operations, $m
  305
  -92
  168
  171
  177
  184
  193
  203
  216
  229
  245
  263
  282
  303
  326
  352
  379
  409
  441
  475
  512
  552
  594
  639
  688
  739
  794
  852
  915
  981
  1,051
Maintenance CAPEX, $m
  0
  -655
  -668
  -684
  -701
  -721
  -743
  -767
  -793
  -821
  -852
  -884
  -919
  -957
  -996
  -1,039
  -1,083
  -1,131
  -1,181
  -1,234
  -1,291
  -1,350
  -1,412
  -1,478
  -1,548
  -1,621
  -1,698
  -1,780
  -1,865
  -1,955
  -2,050
New CAPEX, $m
  -120
  -73
  -86
  -98
  -110
  -122
  -134
  -146
  -158
  -171
  -183
  -196
  -209
  -222
  -236
  -251
  -266
  -281
  -298
  -314
  -332
  -350
  -370
  -389
  -410
  -432
  -455
  -479
  -504
  -530
  -558
Cash from investing activities, $m
  -98
  -728
  -754
  -782
  -811
  -843
  -877
  -913
  -951
  -992
  -1,035
  -1,080
  -1,128
  -1,179
  -1,232
  -1,290
  -1,349
  -1,412
  -1,479
  -1,548
  -1,623
  -1,700
  -1,782
  -1,867
  -1,958
  -2,053
  -2,153
  -2,259
  -2,369
  -2,485
  -2,608
Free cash flow, $m
  207
  -820
  -587
  -611
  -635
  -659
  -684
  -710
  -736
  -762
  -790
  -818
  -846
  -876
  -906
  -938
  -970
  -1,004
  -1,038
  -1,074
  -1,111
  -1,149
  -1,188
  -1,229
  -1,271
  -1,314
  -1,359
  -1,406
  -1,455
  -1,505
  -1,557
Issuance/(repayment) of debt, $m
  -255
  32
  37
  42
  47
  52
  57
  62
  67
  72
  78
  83
  89
  94
  100
  106
  113
  119
  126
  133
  141
  149
  157
  165
  174
  183
  193
  203
  214
  225
  237
Issuance/(repurchase) of shares, $m
  -3
  796
  602
  628
  655
  681
  708
  736
  764
  793
  822
  853
  884
  916
  949
  983
  1,018
  1,054
  1,091
  1,130
  1,170
  1,211
  1,254
  1,298
  1,344
  1,392
  1,441
  1,492
  1,545
  1,600
  1,657
Cash from financing (excl. dividends), $m  
  -261
  828
  639
  670
  702
  733
  765
  798
  831
  865
  900
  936
  973
  1,010
  1,049
  1,089
  1,131
  1,173
  1,217
  1,263
  1,311
  1,360
  1,411
  1,463
  1,518
  1,575
  1,634
  1,695
  1,759
  1,825
  1,894
Total cash flow (excl. dividends), $m
  -54
  -788
  -550
  -569
  -588
  -608
  -627
  -648
  -669
  -690
  -712
  -735
  -758
  -782
  -806
  -831
  -857
  -884
  -912
  -940
  -970
  -1,000
  -1,031
  -1,063
  -1,097
  -1,131
  -1,166
  -1,203
  -1,241
  -1,280
  -1,320
Retained Cash Flow (-), $m
  312
  -43
  -52
  -59
  -67
  -74
  -81
  -88
  -95
  -103
  -110
  -118
  -126
  -134
  -143
  -151
  -160
  -170
  -179
  -190
  -200
  -211
  -223
  -235
  -247
  -261
  -274
  -289
  -304
  -320
  -336
Prev. year cash balance distribution, $m
 
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  82.2
  70.8
  60.8
  52.2
  44.6
  38.2
  32.6
  27.8
  23.7
  20.2
  17.3
  14.7
  12.6
  10.8
  9.2
  7.9
  6.8
  5.8
  5.0
  4.3
  3.7
  3.2
  2.8
  2.4
  2.1
  1.8
  1.6
  1.4
  1.2
  1.0

Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the United States and Canada. The company’s Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada. As of December 31, 2016, this segment had a drilling fleet of 202 marketable land-based drilling rigs. Its Pressure Pumping segment offers pressure pumping services that consist of well stimulation and cementing for the completion of new wells and remedial work on existing wells, as well as hydraulic and nitrogen fracturing, cementing, and acid pumping services in Texas and the Appalachian region. Patterson-UTI Energy, Inc. also manufactures and sells pipe handling components and related technology to drilling contractors in North America and other markets; and owns and invests in oil and natural gas assets as a non-operating working interest owner located principally in Texas and New Mexico. Patterson-UTI Energy, Inc. was founded in 1978 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Patterson-UTI Energy (PTEN)

Valuation Ratios
P/E Ratio -10.4
Price to Sales 3.6
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 18
Growth Rates
Sales Growth Rate -51.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -83.9%
Cap. Spend. - 3 Yr. Gr. Rate -28.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 26.6%
Total Debt to Equity 26.6%
Interest Coverage -12
Management Effectiveness
Return On Assets -7.1%
Ret/ On Assets - 3 Yr. Avg. -3%
Return On Total Capital -10.2%
Ret/ On T. Cap. - 3 Yr. Avg. -4.6%
Return On Equity -13.3%
Return On Equity - 3 Yr. Avg. -6.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 29.1%
Gross Margin - 3 Yr. Avg. 32.5%
EBITDA Margin 22.8%
EBITDA Margin - 3 Yr. Avg. 26.1%
Operating Margin -49.8%
Oper. Margin - 3 Yr. Avg. -20.8%
Pre-Tax Margin -54.1%
Pre-Tax Margin - 3 Yr. Avg. -23.2%
Net Profit Margin -34.8%
Net Profit Margin - 3 Yr. Avg. -15.1%
Effective Tax Rate 35.7%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio -7.5%

PTEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PTEN stock intrinsic value calculation we used $916 million for the last fiscal year's total revenue generated by Patterson-UTI Energy. The default revenue input number comes from 2016 income statement of Patterson-UTI Energy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PTEN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5%, whose default value for PTEN is calculated based on our internal credit rating of Patterson-UTI Energy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Patterson-UTI Energy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PTEN stock the variable cost ratio is equal to 95%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $515 million in the base year in the intrinsic value calculation for PTEN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.1% for Patterson-UTI Energy.

Corporate tax rate of 27% is the nominal tax rate for Patterson-UTI Energy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PTEN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PTEN are equal to 400.6%.

Life of production assets of 5.6 years is the average useful life of capital assets used in Patterson-UTI Energy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PTEN is equal to -1.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2249 million for Patterson-UTI Energy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 166.049 million for Patterson-UTI Energy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Patterson-UTI Energy at the current share price and the inputted number of shares is $3.7 billion.


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COMPANY NEWS

▶ Shorting Patterson-UTI Energy: Short Interest as of April 12   [Apr-14-17 10:36AM  Market Realist]
▶ PTENs 1Q17 Earnings: Analyst Expectations   [Apr-13-17 03:35PM  Market Realist]
▶ Patterson-UTI Reports Drilling Activity for March 2017   [Apr-05-17 06:00AM  PR Newswire]
▶ Short Interest: OFS Stocks with the Lowest Returns in 1Q17   [Apr-03-17 11:35AM  Market Realist]
▶ Baker Hughes Reports U.S. Rig Count Climbs by 15   [Mar-31-17 01:20PM  TheStreet.com]
▶ Houston energy co.'s shareholders to vote on nearly $2B acquisition   [09:55AM  American City Business Journals]
▶ Whats PTENs Correlation with Crude in March?   [09:07AM  Market Realist]
▶ Patterson-UTI Reports Drilling Activity for January 2017   [Feb-03-17 06:00AM  PR Newswire]
▶ How Risky Is Helmerich & Payne, Inc.?   [Feb-01-17 10:30AM  at Motley Fool]
Stock chart of PTEN Financial statements of PTEN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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