Patterson-UTI Stock Rises After Q1 Revenue Beat, CEO Warns Of Potential Slowdown In Oil Drilling: Retail’s Extremely Bullish

Patterson-UTI (PTEN) stock rose 1.2% in extended trading on Wednesday after the oilfield services firm topped Wall Street’s estimates for quarterly revenue.

The company posted first-quarter revenue of $1.28 billion, which was higher than the $1.18 billion expected by analysts, according to FinChat data.

Its net income fell to $1.29 million for the first quarter compared with $51.7 million in the year-ago quarter.

The company’s drilling services revenue stood at $412.8 million, and completion services revenue fell to $766.08 million.

"If oil prices remain at current levels for an extended period, we could see some customers reduce activity in oil basins, although customers are so far communicating a steady outlook,” said CEO Andy Hendricks.

Oil prices have remained volatile this year due to tariff uncertainty and the oil-producing group OPEC+ increasing production.

“Within the Drilling Services segment for the second quarter, we expect a relatively steady rig count compared to the first quarter,” the company said.

Hendricks was also bullish on natural gas demand and noted that increased drilling and completion activity in natural gas basins will be necessary over the next several years to meet growing domestic demand and global demand for U.S. LNG.  

Retail sentiment on Stocktwits was in the ‘extremely bullish’ (80/100) territory, while retail chatter was ‘extremely high.’

Patterson shares have fallen 30.3% year-to-date.

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