Patterson-UTI (PTEN) Loses 9.3% on Bearish Outlooks Ahead of Q2 Earnings

We recently published These 10 Stocks Fell Hard. Are You Holding Any? Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is one of this week’s top performers.

Patterson-UTI saw its share prices decline by 9.3 percent week-on-week, closing at $5.94 on Friday versus the $6.55 on July 11, as investors sold off positions ahead of its second quarter earnings and bearish outlooks from analysts.

Earlier last week, Stifel Nicolaus reduced its price target for Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to $12 from $13 previously, but maintained a “buy” recommendation for its stock.

Meanwhile, Zacks Research posted a more bearish stance, giving it a “sell” recommendation amid expectations of lower revenues due to poor drilling services and completion, among others.

According to Zacks Research, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is expected to post $1.21 billion in revenues for the second quarter of the year, or 10.37-percent lower than the $1.35 billion in the same period a year earlier, due to poor drilling services and completion, among others.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is expected to release the results of its second quarter earnings performance next Thursday, July 24.

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