# Patterson-UTI Energy, Inc. (PTEN)

> Source: Nexqual · https://nexqual.com/PTEN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Patterson-UTI Energy, Inc. (PTEN), nexqual.com/PTEN" · informational, not investment advice.

**Price:** USD 11.34 (-2.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 11.68 · day 10.93–11.81 · 52w 5.24–13.39 · market cap $4.32B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.67B, net income -$89.7M (-1.9% margin), free cash flow $178M (SEC filings).
- 1 of 80 tracked superinvestors hold PTEN (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $24.6M; 10 not under a Rule 10b5-1 plan ($21.6M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.19 on a 1–5 scale) (16 analysts), mean target USD 13.93 (range 12–19).
- Total return with dividends: 1Y +75.0% vs S&P 500 +14.9%; 5Y +44.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.04, revenue estimate $1.31B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.36B | $2.65B | $4.15B | $5.38B | $4.83B | $4.67B |
| Operating income | -$678M | $211M | $352M | -$890M | -$40.8M | -$49.6M |
| Net income | -$655M | $155M | $246M | -$968M | -$93.6M | -$89.7M |
| EPS (diluted) | -$3.36 | $0.70 | $0.88 | -$2.44 | -$0.24 | — |
| Free cash flow | -$70.8M | $129M | $390M | $497M | $372M | $178M |
| Operating margin | -49.9% | 8.0% | 8.5% | -16.5% | -0.8% | -1.1% |
| Net margin | -48.2% | 5.8% | 5.9% | -18.0% | -1.9% | -1.9% |
| Revenue growth | +20.7% | +95.1% | +56.6% | +29.7% | -10.3% | — |
| Cash + short-term investments | $118M | $138M | $190M | $239M | $419M | — |
| Total debt | $859M | $836M | $1.25B | $1.23B | $1.23B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.9x · EV/Sales 1.1x · P/FCF 24.3x · P/B 1.4x · FCF yield 4.11% · Earnings yield -2.07% · Dividend yield (paid, TTM) 3.16% · Buyback yield (TTM) 1.00% · Net debt $1.03B · EV $5.36B
P/E at fiscal year-ends: Dec 2023 12.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PTEN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Kahn Brothers | Kahn Brothers Group | 3.25% | $18.3M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-18 | Hendricks William Andrew Jr | President & CEO | 250,000 | $3.0M | 10.9% | Yes (adopted June 18, 2026) | Too little history (no open-market trades in 2024) |
| 2026-09-01…2026-09-02 | Drummond Robert Wayne Jr | Director | 200,000 | $2.6M | 17.7% | No | Too little history (no open-market trades in 2023) |
| 2026-09-02 | Hendricks William Andrew Jr | President & CEO | 250,000 | $3.2M | 9.8% | No | Too little history (no open-market trades in 2024) |
| 2026-09-01 | Wexler Seth David | EVP, General Counsel&Secretary | 120,000 | $1.5M | 22.9% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-25 | Stewart James Carl | Director | 207,000 | $2.4M | 64.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-08 | Robinson Forrest C | Chief Accounting Officer | 13,670 | $164K | 16% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Hendricks William Andrew Jr | President & CEO | 200,000 | $2.3M | 7.3% | No | Too little history (no open-market trades in 2024) |
| 2026-05-28 | Holcomb James Michael | EVP & Chief Operating Officer | 150,000 | $1.7M | 26.2% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-05 | Jaime Cesar | Director | 10,000 | $123K | 11.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01…2026-05-04 | Drummond Robert Wayne Jr | Director | 384,174 | $4.6M | 25.4% | No | Too little history (no open-market trades in 2023) |
| 2026-05-01 | Hendricks William Andrew Jr | President & CEO | 250,000 | $3.0M | 8.1% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.19 on a 1–5 scale), 16 analysts; mean target USD 13.93 (low 12, high 19).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | Citigroup | Target lowered | Neutral | $13.5 → $12.5 |
| 2026-09-04 | Citigroup | Target raised | Neutral | $10.5 → $13.5 |
| 2026-08-05 | Barclays | Target raised | Overweight | $15 → $16 |
| 2026-08-03 | Susquehanna | Target raised | Positive | $12 → $13 |
| 2026-07-31 | JP Morgan | Upgrade | Underweight → Neutral | $12 |
| 2026-07-14 | Piper Sandler | Upgrade | Neutral → Overweight | $13 |
| 2026-07-08 | Susquehanna | Target lowered | Positive | $14 → $12 |
| 2026-06-29 | Citigroup | Target lowered | Neutral | $11 → $10.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +75.0% | +44.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +75.4% | +7.7% |
| Volatility (annualized) | 50.4% | 54.0% |
| Max drawdown | -32.8% (May 2026→Jul 2026) | -70.2% (May 2022→Aug 2025) |

## Peers (Oil & Gas Drilling)
HP (Helmerich & Payne, Inc.) USD 37.13 -2.93% · SDRL (Seadrill Limited) USD 49.19 +0.04% · VAL (Valaris Limited) USD 92.19 +0.51% · RIG (Transocean Ltd (Switzerland)) USD 6.08 +0.66% · NE (Noble Corporation plc A) USD 43.95 -0.14% · BORR (Borr Drilling Limited) USD 4.08 -3.32%

## More
Full page: https://nexqual.com/PTEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Completion Services | $753.6M | 61.9% | +4.8% | $8.2M | 1.1% |
| Completion Services | $753.6M | 61.9% | +4.8% | — | — |
| Drilling Services | $373.5M | 30.7% | -7.5% | $22.7M | 6.1% |
| Drilling Products | $91.3M | 7.5% | +3.3% | $8.3M | 9.1% |
| Drilling Products | $91.3M | 7.5% | +3.3% | — | — |
| Other | $9.5M | 0.8% | +21.8% | — | — |
| Corporate costs (not allocated) | — | — | — | -$51.3M | — |
| Total revenue | $1.22B | 100% | — | $39.2M | 3.2% |
The lines above cover 170.1% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $4.69B | 97.2% | -10.7% |
| Other Non US Countries | $75.1M | 1.6% | -9.5% |
| Canada | $34.7M | 0.7% | +3.7% |
| Colombia | $27.6M | 0.6% | +125.4% |
| Total revenue | $4.83B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 12% of revenue from unnamed direct customers (10-K, filed 2026-02-10).

## Company outlook (8-K filed 2026-07-30)

- "In Drilling Services, we expect our average U.S. rig count to be approximately 100 in the third quarter, and we expect to exit the quarter higher than the quarterly average."
- "Overall, we expect Drilling Services adjusted gross profit to be approximately $145 million in the third quarter."
- "In Completion Services, we expect third quarter adjusted gross profit to be approximately $140 million, supported by near-full utilization across our active frac equipment and additional pricing improvement compared to the second quarter."
- "We will continue decommissioning diesel assets over time, and we do not expect active horsepower to increase during the second half of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.04 | $0.03 | +40.9% | $1.31B | 7 |
| Next quarter (ends 2026-12-31) | $0.04 | $0.02 | +118.2% | $1.29B | 5 |
| Current fiscal year (ends 2026-12-31) | $-0.05 | $-0.06 | -20.8% | $4.93B | 4 |
| Next fiscal year (ends 2027-12-31) | $0.34 | $0.22 | +50.5% | $5.31B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±13.8%; last 8 reports averaged ±6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 62.1% | ±13.8% |
| 2026-12-18 | 56 | 56.1% | ±18.4% |
| 2027-01-15 | 84 | 54.1% | ±20.2% |
| 2027-02-19 | 119 | 55.6% | ±24.6% |
| 2027-05-21 | 210 | 55.4% | ±32.0% |