Patterson-UTI (PTEN) Jumps 20% on Earnings Blowout, Higher Oil Prices

We recently published 10 of Wall Street’s Outperformers. Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is one of the top-performing stocks last week.

Patterson-UTI soared by 20.33 percent week-on-week as investor sentiment was bolstered by a stellar earnings performance in the third quarter of the year coupled with higher oil prices.

In an updated report, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) said net loss attributable to shareholders dwindled by 96 percent to $36.4 million from $979 million in the same period last year.

Revenues, however, fell by 14 percent to $1.17 billion from $1.36 billion year-on-year.

“Our teams successfully navigated a challenging environment, and we are executing our plan that concentrates on optimizing our business in the areas that we can control,” said Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Chief Executive Officer Andy Hendricks.

“We think this outperformance is a function of the focus and execution of the teams in each of our segments and the technology edge that we are using to deliver better drilling and completion results for our customers. We expect this relative margin resiliency to continue,” he noted.

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Disclosure: None. This article is originally published at Insider Monkey.