Patterson-UTI (PTEN) Jumps on Bargain-Hunting, Dividend Distribution

We recently published These 10 Stocks are Winning Big. Patterson-UTI Energy, Inc. is one of the best-performing stocks on Monday.

Patterson-UTI bounced back by 5.41 percent on Monday to close at $6.24 apiece as investors loaded up positions following a two-day drop dragged by dismal earnings performance.

During the period, Patterson-UTI Energy, Inc. said it swung to a net loss attributable to shareholders of $49 million from an $11 million net income in the same period last year, as revenues dropped by 7 percent to $1.2 billion from $1.3 billion year-on-year.

The performance was largely dampened by increasing oil market volatility during the quarter, driven by evolving trade policies, among others.

For the six-month figure, Patterson-UTI Energy, Inc. also reversed a $62-million net income attributable to shareholders last year after booking a $48-million net loss in the first half of the year. Revenues were lower by 10.7 percent to $2.5 billion from $2.8 billion year-on-year.

Patterson-UTI Energy, Inc. also declared a $0.08 dividend to shareholders as of September 2, payable on September 15.