patterson drilling stock

These are painful examples of how bad things are today in the energy services space, and for these companies specifically. Investors are increasingly concerned that the economic rebound will be slow and drawn out. But the really big issue is that the longer oil prices remain under pressure, the longer it will be before E&Ps start to spend on drilling services. PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported that for the month of June 2020, the Company had an average of 65 drilling rigs operating. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.Energy related names fell sharply. Returns as of 08/14/2020. Stock Market That, in turn, will mean weak demand for oil. When oil prices are low, the E&Ps tend to pull back on drilling, which means less business for energy services firms. It could actually get worse before it gets better because of all the excess oil sitting in storage that needs to be worked off. Personal Finance There's no easy answers when it comes to the broad impact that the coronavirus pandemic has had on the world. For companies that drill for oil, there's a pretty direct relationship that's easy to grasp: Low oil prices means weak revenues and earnings. But many of the areas that have begun to reopen their economies have witnessed an uptick in COVID-19 cases. Patterson Drilling Company was founded in 1978 by Cloyce Talbott and Glenn Patterson. See you at the top! Oil prices fell today because of that, dragging energy services firms along with it. In the energy sector, it looks like the road to recovery will be slow and uneven, at best.

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In September 2014, the company acquired Texas-based pressure pumping assets. HOUSTON, Aug. 5, 2020 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported that for the month of July 2020, the Company had an average of 60 drilling rigs operating.. Average drilling rigs operating reported in the Company's monthly announcements represent the average number of the Company's drilling rigs that were earning revenue under a drilling contract. This is not a sector for the faint of heart. United StatesPatterson-UTI Reports Drilling Activity for July 2020Patterson-UTI Energy Reports Financial Results for the Three and Six Months Ended June 30, 2020Insights & Forecast With Potential Impact of COVID-19 - Offshore Drilling Rigs Market 2020-2024 | Increase in Deepwater andBurden of COVID-19 on the Market & Rehabilitation Plan | Global Drilling Rig Market 2020-2024 | Growth in Oil and Gas Demand toPatterson-UTI Reports Drilling Activity for June 2020Patterson-UTI Energy Announces Second Quarter Earnings Conference Call and WebcastInsights & Forecast with Potential Impact of COVID-19 - Offshore Drilling Rigs Market 2020-2024 | Increase in Deepwater andBurden of COVID-19 on the Market & Rehabilitation Plan | Global Drilling Rig Market 2020-2024 | Growth in Oil and Gas Demand toPatterson-UTI Reports Drilling Activity for May 2020Essent Group Set to Join S&P MidCap 400; Coherus BioSciences, Patterson-UTI Energy to Join S&P SmallCap 600When autocomplete results are available use up and down arrows to review and enter to select.
And if you do dare to invest here, expect volatility to remain extreme.Stock Advisor launched in February of 2002. The latest closing stock price for Patterson-UTI Energy as of July 17, 2020 is 3.32.. These companies get paid to provide specific drilling services to the exploration and production companies. By around 10:30 a.m. EDT, the stock … Investors got excited, believing that the worst had passed for the energy sector. HOUSTON, Aug. 5, 2020 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported that for the month of July 2020, the Company had an average of 60 drilling … Aug 5, 2020. Find the latest dividend history for Patterson Companies, Inc. Common Stock (PDCO) at Nasdaq.com. Shares of U.S. onshore energy services provider Patterson-UTI Energy (NASDAQ:PTEN) jumped nearly 14% out of the gate on July 23. Reuben Gregg Brewer believes dividends are a window into a company's soul. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Let's conquer your financial goals together...faster. Touch device users, explore by touch or with swipe gestures. HOUSTON, July 23, 2020 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three and six months ended June 30, 2020.The Company reported a net loss of $150 million, or $0.81 per share, for the second quarter of 2020, compared to a net loss of $49.4 million, or $0.24 per share, for the second quarter of 2019. Houston, TX 77064 None of these companies is doing particularly well right now, as you might expect. That's bad for exploration and production and even worse for the energy services companies like Nabors Industries, Patterson-UTI, and Borr Drilling, that rely on them. For service providers like Nabors, Borr Drilling, and Patterson-UTI, however, the impact is a bit more complicated. Patterson-UTI, meanwhile, was operating 123 rigs, on average, in the first quarter but had only 80 rigs working in May -- a huge 35% decline in just two months. (TMFReubenGBrewer) Investing Basics This news is, in some ways, extra bad for services firms like Nabors Industries, Patterson-UTI, and Borr Drilling, that need to see that uptick in spending before their businesses start to turn a profit again. Cumulative Growth of a $10,000 Investment in Stock AdvisorWhy Nabors Industries, Patterson-UTI, and Borr Drilling All Fell Sharply Today @themotleyfool #stocks $NBR $PTEN $BORR Peers Borr Drilling and Patterson-UTI (NASDAQ:PTEN) were both off by around 12%, better than Nabors, but still a huge amount of red ink for a single day on Wall Street. Retirement About Us

Nabors enacted a 1 for 50 reverse stock split (usually not a good sign) and adopted a poison pill to ward off unwanted acquisition advances (presumably an effort to dissuade larger companies).

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