Patterson-UTI Energy Q2 EPS $0.40 Misses $0.44 Estimate, Sales $758.88M Miss $781.88M Estimate
Portfolio Pulse from Benzinga Newsdesk
Patterson-UTI Energy (NASDAQ:PTEN) reported Q2 earnings of $0.40 per share, missing the analyst consensus estimate of $0.44 by 9.09%. The company also reported quarterly sales of $758.88 million, missing the analyst consensus estimate of $781.88 million by 2.94%. However, this represents a 700% increase in earnings and a 21.96% increase in sales compared to the same period last year.
July 26, 2023 | 9:06 pm
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NEUTRAL IMPACT
Patterson-UTI Energy's Q2 earnings and sales missed estimates, but showed significant YoY growth. This mixed result could lead to uncertain short-term price movements.
While PTEN missed analyst estimates for Q2, the significant YoY growth in earnings and sales could be seen as a positive sign by investors. This mixed result could lead to uncertain short-term price movements as the market digests the news.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100