Patterson-UTI Stock Rises 5% on Peers’ Q4 Production, Revenue Reports
Patterson-UTI Energy shares climbed 5.02% after Magnolia Oil & Gas reported Q4 revenues of $318 million and record production of 103,799 boe/d, up 11.5% year-over-year. NOV Inc. posted Q4 revenues of $2.3 billion, down 1.3% y/y, and adjusted EPS of $0.02, missing estimates of $0.25.
1. PTEN Share Reaction
Patterson-UTI Energy stock jumped 5.02% after market open, reflecting investor optimism following stronger production and revenue reports from industry peers.
2. Magnolia Q4 Highlights
Magnolia Oil & Gas delivered Q4 net income of $0.37 per share on revenue of $318 million, with average daily production rising 11.5% to 103,799 boe/d driven by high well productivity.
3. NOV Q4 Miss and Beat
NOV Inc. reported adjusted Q4 EPS of $0.02, missing estimates of $0.25, while generating $2.3 billion in revenue, down 1.3% year-over-year, as global drilling activity declined.