GMP Securities Downgrades Patterson-UTI Energy (PTEN) to Hold

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Go back to GMP Securities Downgrades Patterson-UTI Energy (PTEN) to Hold

Patterson-UTI Energy Reports Financial Results for Three Months Ended March 31, 2016

April 28, 2016 6:00 AM EDT

HOUSTON, April 28, 2016 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended March 31, 2016.  The Company reported a net loss of $70.5 million, or $0.48 per share, for the first quarter of 2016, compared to net income of $9.1 million, or $0.06 per share, for the quarter ended March 31, 2015.  Revenues for the first quarter of 2016 were $269 million, compared to $658 million for the first quarter of 2015.

Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "During the first quarter, our rig count averaged 71 rigs in the United States and... More