Financials Patterson-UTI Energy, Inc.

Equities

PTEN

US7034811015

Oil & Gas Drilling

Real-time Estimate Cboe BZX Other stock markets 11:54:35 06/05/2024 pm IST			5-day change	1st Jan Change
10.97 ^USD	+2.72%		-2.53%	+1.62%

03:30pm	Piper Sandler Cuts Price Target on Patterson-UTI Energy to $14 From $17, Maintains Overweight Rating	MT
02/05	Transcript : Patterson-UTI Energy, Inc., Q1 2024 Earnings Call, May 02, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,041	986.2	1,818	3,651	4,507	4,307	-	-
Enterprise Value (EV) ¹	2,834	1,663	2,552	4,345	5,539	5,114	4,846	4,280
P/E ratio	-5 x	-1.23 x	-2.51 x	24.1 x	12.3 x	22.4 x	11.9 x	6.26 x
Yield	1.52%	1.9%	0.95%	1.19%	2.96%	3.01%	3.18%	3.86%
Capitalization / Revenue	0.83 x	0.88 x	1.34 x	1.38 x	1.09 x	0.72 x	0.67 x	0.64 x
EV / Revenue	1.15 x	1.48 x	1.88 x	1.64 x	1.34 x	0.86 x	0.75 x	0.64 x
EV / EBITDA	4.66 x	9.53 x	14.9 x	6.28 x	4.68 x	3.53 x	2.98 x	2.47 x
EV / FCF	8.13 x	12.5 x	-35.7 x	33.6 x	14.2 x	8.64 x	6.97 x	4.95 x
FCF Yield	12.3%	8.02%	-2.8%	2.98%	7.05%	11.6%	14.4%	20.2%
Price to Book	0.71 x	0.49 x	1.13 x	2.16 x	0.92 x	0.94 x	0.86 x	0.75 x
Nbr of stocks (in thousands)	1,94,426	1,87,494	2,15,112	2,16,822	4,17,283	4,03,252	-	-
Reference price ²	10.50	5.260	8.450	16.84	10.80	10.68	10.68	10.68
Announcement Date	06/02/20	04/02/21	10/02/22	08/02/23	14/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,471	1,124	1,357	2,648	4,146	5,964	6,405	6,715
EBITDA ¹	608.3	174.5	171.2	691.7	1,183	1,446	1,623	1,730
EBIT ¹	-427.5	-892.3	-678	213.1	450	331.9	546.7	787.1
Operating Margin	-17.3%	-79.36%	-49.96%	8.05%	10.85%	5.57%	8.54%	11.72%
Earnings before Tax (EBT) ¹	-530.4	-931	-719.8	167.9	307.1	272	513.2	787.6
Net income ¹	-425.7	-803.7	-654.5	154.7	246.3	197.2	351.2	695.7
Net margin	-17.23%	-71.49%	-48.23%	5.84%	5.94%	3.31%	5.48%	10.36%
EPS ²	-2.100	-4.270	-3.360	0.7000	0.8800	0.4801	0.8765	1.705
Free Cash Flow ¹	348.7	133.4	-71.59	129.4	390.2	593.8	680.2	864.8
FCF margin	14.11%	11.86%	-5.28%	4.89%	9.41%	9.96%	10.62%	12.88%
FCF Conversion (EBITDA)	57.32%	76.45%	-	18.71%	32.98%	41.06%	41.9%	49.99%
FCF Conversion (Net income)	-	-	-	83.66%	158.44%	301.1%	193.66%	124.31%
Dividend per Share ²	0.1600	0.1000	0.0800	0.2000	0.3200	0.3200	0.3396	0.4125
Announcement Date	06/02/20	04/02/21	10/02/22	08/02/23	14/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	357.9	466.5	509.4	622.2	727.5	788.5	791.8	758.9	1,011	1,584	1,510	1,447	1,506	1,500	1,511
EBITDA ¹	51.07	49.28	99.64	155.9	196.7	239.5	255.6	233.7	276.9	409.1	375	336.2	361.4	357.6	369.5
EBIT ¹	-90	-361.9	-17.02	36.94	76.37	116.8	126	112.5	79.89	131.7	87	59.45	87.57	89.24	99.33
Operating Margin	-25.15%	-77.58%	-3.34%	5.94%	10.5%	14.81%	15.91%	14.83%	7.9%	8.31%	5.76%	4.11%	5.82%	5.95%	6.57%
Earnings before Tax (EBT) ¹	-100.6	-372.5	-27.85	23.67	63.65	108.4	119.9	98.38	-4.408	93.27	71.7	44.99	71.49	73.84	86.23
Net income ¹	-83	-361.8	-28.78	21.89	61.45	100.1	99.68	84.61	0.05	61.95	51.24	32.14	52.21	53.55	85.22
Net margin	-23.19%	-77.56%	-5.65%	3.52%	8.45%	12.69%	12.59%	11.15%	0%	3.91%	3.39%	2.22%	3.47%	3.57%	5.64%
EPS ²	-0.4400	-1.680	-0.1300	0.1000	0.2800	0.4500	0.4600	0.4000	-	0.1500	0.1300	0.0798	0.1296	0.1344	0.1586
Dividend per Share ²	0.0200	0.0200	0.0400	0.0400	0.0400	0.0800	0.0800	0.0800	0.0800	0.0800	0.0800	0.0800	0.0800	0.0800	0.0880
Announcement Date	28/10/21	10/02/22	27/04/22	28/07/22	26/10/22	08/02/23	01/05/23	26/07/23	08/11/23	14/02/24	01/05/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	792	677	735	693	1,032	812	549	-
Net Cash position ¹	-	-	-	-	-	-	-	26.3
Leverage (Debt/EBITDA)	1.303 x	3.878 x	4.293 x	1.002 x	0.8723 x	0.5612 x	0.3383 x	-
Free Cash Flow ¹	349	133	-71.6	129	390	594	680	865
ROE (net income / shareholders' equity)	-6.42%	-16.9%	-20.6%	9.56%	-	3.84%	7.53%	10.4%
ROA (Net income/ Total Assets)	-4.11%	-10.6%	-11.9%	5.13%	-	2.8%	4.06%	-
Assets ¹	10,358	7,609	5,489	3,014	-	7,046	8,646	-
Book Value Per Share ²	14.80	10.70	7.480	7.800	11.70	11.40	12.40	14.30
Cash Flow per Share ²	3.430	1.480	0.4900	2.580	3.590	2.990	3.710	3.810
Capex ¹	348	145	167	437	616	740	752	751
Capex / Sales	14.07%	12.94%	12.31%	16.5%	14.85%	12.4%	11.74%	11.19%
Announcement Date	06/02/20	04/02/21	10/02/22	08/02/23	14/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Patterson-UTI Energy, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.68 USD

Average target price

15.61 USD

Spread / Average Target

+46.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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