Patterson-UTI Energy ( NASDAQ: PTEN ) said it expects Q4 net income will surpass $100M with adjusted EBITDA above $230M, based on current projections.
The company also said it returned $74.3M to shareholders in the quarter through its regularly scheduled dividend and the purchase of ~3.3M common shares.
In contract drilling, average rig revenue per day was helped by contract renewals with more favorable pricing than expected, as pressure pumping benefited from strong pricing and utilization, CEO Andy Hendricks said.
Investors looking for intermediate and long term growth underpinned by solid market fundamentals may find Patterson-UTI Energy ( PTEN ) attractive, Fluidsdoc writes in an analysis published recently on Seeking Alpha .
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Patterson-UTI sees Q4 net income topping $100M