Patterson-UTI Energy (NASDAQ:PTEN) reported Q1 revenue of $1.12B, down 12.7% YoY, but topped earnings and EBITDA estimates; despite the beat, the stock has slid about 19.9% to near $8.66 and Citigroup kept a Neutral rating while trimming its target to $10.50.
Previous Week Recap
- PTEN Q1 Revenue Falls: Patterson-UTI Energy (PTEN) Q1 revenue $1.12B, down 12.7% YoY. Earnings and EBITDA beat estimates. Stock fell ~19.9% since report, trading near $8.66.
- PTEN PTEN Target Cut: Citigroup kept Patterson-UTI Energy (PTEN) at Neutral and cut its price target to $10.50 from $11.00. No other analyst moves or company updates were noted.
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