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Following this acquisition, Hendricks’ total direct ownership in the company increased to 2,482,592 shares. The purchase reflects continued confidence in Patterson-UTI (NASDAQ:PTEN) Energy, a leading provider in the drilling oil and gas wells sector. According to InvestingPro analysis, the company appears undervalued, with strong liquidity ratios and a current ratio of 1.54. For deeper insights into Patterson-UTI’s valuation and 12+ additional exclusive ProTips, explore the comprehensive Pro Research Report available on InvestingPro. According to InvestingPro analysis, the company appears undervalued, with strong liquidity ratios and a current ratio of 1.54. For deeper insights into Patterson-UTI’s valuation and 12+ additional exclusive ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
Following this acquisition, Hendricks’ total direct ownership in the company increased to 2,482,592 shares. The purchase reflects continued confidence in Patterson-UTI Energy, a leading provider in the drilling oil and gas wells sector.
In other recent news, Patterson-UTI Energy Inc. reported a net loss for the fourth quarter of 2024, falling short of analyst expectations. The company announced an earnings per share of -$0.13, missing the forecasted -$0.08, while revenue reached $1.162 billion, below the anticipated $1.24 billion. Despite these results, the company has been focusing on expanding its natural gas-powered completion equipment offerings and has reduced its capital expenditure for 2024, with further reductions expected in 2025. Patterson-UTI Energy is optimistic about generating significant free cash flow in 2025 and plans to return at least 50% of this to shareholders. The company has also successfully refinanced its revolving credit facility into a new five-year unsecured credit facility. Additionally, Patterson-UTI Energy expects completion services adjusted gross profit to be approximately $100 million in the first quarter of 2025. The firm has been exploring opportunities in power generation and plans to expand its fleet of natural gas-powered equipment. Looking ahead, Patterson-UTI Energy remains focused on delivering integrated drilling and completions packages, which could drive enhanced margins in the future.
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