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

Core Insights - Patterson-UTI Energy, Inc. (NASDAQ:PTEN) experienced a significant stock increase of 20.33% week-on-week, driven by strong earnings performance in Q3 and rising oil prices [1][3]. Financial Performance - The net loss attributable to shareholders decreased by 96% to $36.4 million from $979 million in the same period last year [2]. - Revenues fell by 14% to $1.17 billion from $1.36 billion year-on-year [3]. Management Commentary - The CEO, Andy Hendricks, highlighted the company's ability to navigate a challenging environment and focus on optimizing controllable business areas [3]. - The management believes that the outperformance is due to the focus and execution of teams across segments and the technological advantages in drilling and completion [4].