Patterson-UTI Energy's Cost Cuts Drive Upward Earnings Revisions Amidst Revenue Declines

Patterson-UTI Energy reported a narrower-than-expected Q3 adjusted net loss due to significant cost reductions despite revenue declines. The company maintained its quarterly dividend at $0.08 per share, prompting upward revisions in future earnings estimates. However, investors remain cautious about ongoing softness in rig demand and the potential rebound in drilling activity. The company's outlook anticipates $4.8 billion in revenue and $337.4 million in earnings by 2028, with a projected annual revenue decline of 1.3% and earnings increase of $1.44 billion.