Stock News in Focus: PATTERSON-UTI ENERGY (NASDAQ:PTEN)

James Blair

PATTERSON-UTI ENERGY (NASDAQ:PTEN) stock identified change of -4.82% away from 52-week low price and recently located move of -57.04% off 52-week high price. It has market worth of $1580.08M and dividend yield of 2.03%. PTEN stock has been recorded -25.68% away from 50 day moving average and -37.21% away from 200 day moving average. Moving closer, we can see that shares have been trading -17.12% off 20-day moving average.

PATTERSON-UTI ENERGY (NASDAQ:PTEN) disclosed that the Company has entered into a $150 million senior unsecured term loan agreement maturing June 2022.  Wells Fargo Bank, N.A. served as administrative agent, co-lead arranger and lender, with U.S. Bank, N.A. serving as syndication agent, co-lead arranger and lender.  The Company intends to use the proceeds from this loan, which will bear interest at a rate of Libor + 1.125%, along with cash on hand to repay the $300 million of borrowings under its 4.97% Series A senior notes due October 2020.

Andy Smith, Patterson-UTI’s Chief Financial Officer, stated,The terms and conditions of this new loan are consistent with our investment grade credit rating, and the ultimate result of these transactions will be a reduction of $150 millionin total debt outstanding.  Additionally, these transactions will further enhance our already strong financial position.  We will continue to have strong liquidity and will have no term debt maturities until 2022.    

About Patterson-UTI

Patterson-UTI is a provider of oilfield services and products to oil and natural gas exploration and production companies in North America, including market leading positions in contract drilling, pressure pumping and directional drilling services. The Basic Materials sector company, Patterson-UTI Energy noticed change of -5.50% to $7.9 along volume of 3967464 shares in recent session compared to an average volume of 4229.69K. The stock observed return of -7.93% in 5 days trading activity. The stock was at -24.18% over one month performance. PTEN’s shares are at -28.44% for the quarter and driving a -55.59% return over the course of the past year and is now at -23.67% since this point in 2018. 

 The average volatility for the week at 4.56% and for month was at 5.68%. There are 200.01M shares outstanding and 198M shares are floated in market. Right now the stock beta is 1.59. 

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