JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
HOUSTON - Patterson-UTI Energy, Inc. (NASDAQ:PTEN), a drilling services provider with a market capitalization of $2.38 billion, reported an average of 101 drilling rigs operating in the United States during June 2025, according to a company statement released Monday. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics.
The contract drilling services provider also disclosed that for the three months ended June 30, 2025, it maintained an average of 104 drilling rigs operating in the United States.
The figures represent the average number of the company’s drilling rigs that were earning revenue under drilling contracts during the specified periods.
Patterson-UTI cautioned that numerous factors beyond rig count can impact its operating results, and that trends in operating rig numbers may not necessarily indicate trends in the company’s financial performance. For deeper insights into Patterson-UTI’s financial health and future prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports.
The company, which provides drilling and completion services to oil and natural gas exploration and production companies, stated it plans to continue providing monthly updates on drilling rigs operating shortly after each month ends.
Patterson-UTI offers various services including contract drilling, integrated well completion, and directional drilling services in the United States, as well as specialized drill bit solutions in the United States, Middle East and other regions globally.
The information was disclosed in a press release issued by the company.
In other recent news, Patterson-UTI Energy reported its first-quarter 2025 earnings, surpassing analyst expectations with an earnings per share of $0.0047 against a forecasted loss of $0.04. The company also exceeded revenue projections, reporting $1.281 billion compared to the expected $1.18 billion. Patterson-UTI returned $51 million to shareholders through dividends and share repurchases during this period. RBC Capital maintained its Outperform rating on the company, emphasizing its strong market position despite oil price volatility. Meanwhile, Susquehanna adjusted its price target for Patterson-UTI to $8, reflecting updates from a recent investor presentation and a slight decline in the expected rig count. Citi also lowered its price target to $6.25, citing weaker-than-anticipated fracturing fleet utilization and reduced margin expectations. Additionally, Citi projects Patterson-UTI’s capital expenditures could be slightly below its $600 million budget in 2025. These developments highlight the company’s ongoing efforts to navigate current market conditions while maintaining a focus on shareholder returns.
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