Patterson-uti energy reports financial results for the three months and year ended december 31, 2019

Patterson-uti energy reports financial results for the three months and year ended december 31, 2019.q4 loss per share $0.44.q4 revenue $492 million versus refinitiv ibes estimate of $486.3 million.q4 earnings per share estimate $-0.42 -- refinitiv ibes data.believe rig count bottomed in q4 and will modestly increase in early-2020.in contract drilling, co's rig count averaged 123 rigs in q4, down from 142 rigs in q3.patterson-uti energy - for q1, expects rig activity will improve from december levels and result in average rig count similar to q4.patterson-uti energy - expects to spend approximately $250 million of capex for year, down from $348 million in 2019.patterson-uti energy - based on contracts currently in place, co expects average of 77 rigs operating under term contracts during q1.sees an average of 58 rigs operating under term contracts during 2020.patterson-uti energy - lower than expected rig activity & higher than expected operating costs in q4 were result of changes in co's geographic mix.patterson-uti energy - lower rig activity & higher operating costs in q4 were also result of changes in gaps in rig activity between jobs.qtrly average rig revenue per operating day of $23,980.
PTEN Ratings Summary
PTEN Quant Ranking