Patterson-UTI (PTEN) Meets Q3 Earnings Estimates

Patterson-UTI reported quarterly earnings of $0.04 per share, meeting consensus estimates and improving from a $0.06 loss a year ago. The company posted revenues of $1.34 billion, surpassing estimates by 4.06%, and has outperformed the S&P 500 by 99.8% year-to-date. With a Zacks Rank #2 (Buy) rating and favorable estimate revisions, the stock is expected to outperform the market near-term. The Oil and Gas - Drilling industry ranks in the top 35% of Zacks industries.