| Patterson-UTI's (PTEN) Rig Count Declines Substantially - Analyst Blog | |
| | |
|
On Apr 2, onshore contract driller, Patterson-UTI Energy Inc. PTEN declared that its Mar 2015 drill rig count averaged at 146 – 142 rigs in the U.S. and 4 in Canada.
Patterson-UTI further added that for the three months ending Mar 31, its rig count averaged 165 in the U.S. and 8 in Canada.
The first-quarter rig count marks a substantial decline from its prior-quarter average of 210 rigs in the U.S. and 9 in Canada. However, this did not come as a surprise as the company was already expecting a ‘meaningful decline’ from December and through the first quarter post discussions with its customers.
The weak crude pricing environment has forced most drillers to cut back on the number of rigs. Also, fewer new contracts and declining dayrates have made maintaining profitability challenging. Retiring rigs is an effective way to curb operating expenses. Moreover, Patterson-UTI has been undertaking other measures like lowering capital spending to tackle the pricing woes. The company has announced a 29% cut in its 2015 spending.
Patterson-UTI is a major onshore contract driller in the U.S. with over 239 land-based rigs that operate primarily in the oil and natural gas producing regions of North America.
Despite the cost-containment measures, the earnings picture does not look too good for Patterson-UTI. A majority of the brokerage firms have lowered estimates for the first quarter. The first-quarter earnings estimate for Patterson-UTI is currently pegged at 5 cents, down from 31 cents 60 days ago. The company is slated to release first-quarter earnings on Apr 23, before the market opens.
Currently, Patterson-UTI carries a Zacks Rank #3 (Hold).
Better-ranked players from the industry include Valero Energy Corporation VLO, Western Refining, Inc. WNR and Ferrellgas Partners LP FGP. All these stocks sport a Zacks Rank #1 (Strong Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report VALERO ENERGY (VLO): Free Stock Analysis Report PATTERSON-UTI (PTEN): Free Stock Analysis Report FERRELLGAS -LP (FGP): Free Stock Analysis Report WESTERN REFING (WNR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
|
|
|
Ferrellgas
|
|
|
CODE : FGP |
ISIN : US3152931008 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Ferrellgas is a producing company based in United states of america. Ferrellgas is listed in United States of America. Its market capitalisation is US$ 31.1 millions as of today (€ 28.0 millions). Its stock quote reached its highest recent level on January 09, 2009 at US$ 9.98, and its lowest recent point on January 10, 2020 at US$ 0.20. Ferrellgas has 97 152 665 shares outstanding. |