Past year: ▲ 79%(5.81 – 12.64 USD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Feb 2017business combination● Neutral
The company set February 22, 2017 as the record date for its special shareholder meeting to vote on issuing shares to SSE holders for the merger (and on adjourning the meeting if needed). Shareholders of record at that date can vote; the filing gives no meeting date or vote result, so approval is still outstanding.
13 Feb 2017business combination● Neutral
The company filed updated pro forma combined financial statements for the SSE merger, based on December 31, 2016 balance sheet and full-year 2016 results. They show a combined 2016 net loss of about $433.1 million (versus Patterson-UTI's own $318.6 million), pro forma total assets of about $5.78 billion, and 213.9 million weighted shares; the filing says the figures are preliminary and not necessarily indicative of actual results. The merger is still pending.
10 Feb 2017substantial holder notice● Neutral
The Vanguard Group reported a PATTERSON UTI ENERGY INC shareholding of 11,926,415 shares (8.05% of votes) in a periodic institutional filing.
9 Feb 2017substantial holder notice● Neutral
Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP, Wellington Management Company LLP reported a PATTERSON UTI ENERGY INC shareholding of 11,103,499 shares (7.50% of votes) in a periodic institutional filing.
9 Feb 2017quarterly activities report▼ Bad
PATTERSON UTI ENERGY INC reported a quarterly net loss of $78.1 million for the period ended 2016-12-31.
27 Jan 2017material agreement● NeutralMajor
The company sold 18,170,000 new shares (15,800,000 plus the underwriters' full 2,370,000 option) at $26.45 per share in the offering priced on January 24, 2017, with expected net proceeds of about $471 million. The money is meant to repay SSE's debt when the merger closes (with revolver borrowings if needed); if the merger does not close it goes to general corporate purposes. This meets the equity-raise condition tied to the credit facility increase and dilutes existing shareholders, and the offering is not conditioned on the merger.
26 Jan 2017securities registration● Neutral
PATTERSON UTI ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
25 Jan 2017substantial holder notice● Neutral
BlackRock, Inc reported a PATTERSON UTI ENERGY INC shareholding of 12,613,308 shares (8.50% of votes) in a periodic institutional filing.
24 Jan 2017securities registration● Neutral
PATTERSON UTI ENERGY INC filed a free-writing prospectus - marketing material for an offering in progress.
24 Jan 2017securities registration● Neutral
PATTERSON UTI ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
24 Jan 2017securities registration● Neutral
PATTERSON UTI ENERGY INC filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
24 Jan 2017material agreement● NeutralMajor
On January 24, 2017 the company agreed with lenders to use about $95.8 million of the $100 million increase option on its revolving credit facility, taking total commitments to about $595.8 million. The increase only takes effect if the SSE merger closes, the SSE credit facility is repaid and terminated, and the company raises at least $300 million of gross proceeds from a stock offering by May 31, 2017.
24 Jan 2017quarterly activities report▼ Bad
PATTERSON UTI ENERGY INC reported a quarterly net loss of $78.1 million for the period ended 2016-12-31.
23 Jan 2017business combination● Neutral
Alongside the SSE merger registration statement, the company filed Seventy Seven Energy's audited 2015 financial statements, its unaudited statements for the period to September 30, 2016, and pro forma combined figures. It adds financial detail on the pending merger but no new terms; the merger is still not completed.
23 Jan 2017business combination● NeutralMajor
On January 23, 2017 the company filed the registration statement and joint proxy for the SSE merger, covering up to 49,559,000 new shares; the filing values the deal at about $1.42 billion at the December 12, 2016 share price and says former SSE holders would own up to about 25% of the combined company. Patterson-UTI shareholders will vote on the share issuance at a special meeting, and the board recommends voting for it. It is a preliminary filing, so the merger has not yet been approved or completed.
4 Jan 2017director interest notice● Neutral
PATTERSON UTI ENERGY INC director Curtis W Huff received 6,500 shares as part of the equity award.
4 Jan 2017director interest notice● Neutral
PATTERSON UTI ENERGY INC director Tiffany J Thom received 6,500 shares as part of the equity award.
4 Jan 2017director interest notice● Neutral
PATTERSON UTI ENERGY INC director Terry H Hunt received 6,500 shares as part of the equity award.
4 Jan 2017director interest notice● Neutral
PATTERSON UTI ENERGY INC director Charles Oliver Buckner received 6,500 shares as part of the equity award.
4 Jan 2017director interest notice● Neutral
PATTERSON UTI ENERGY INC director Michael W Conlon received 6,500 shares as part of the equity award.
21 Dec 2016director interest notice● Neutral
PATTERSON UTI ENERGY INC director Terry H Hunt exercised stock options for 10,000 shares and disposed of 18,129 shares.
20 Dec 2016director interest notice● Neutral
PATTERSON UTI ENERGY INC director Curtis W Huff exercised stock options for 30,000 shares and disposed of 38,196 shares.
13 Dec 2016business combination● NeutralMajor
On December 12, 2016 the company agreed to buy Seventy Seven Energy (SSE) by issuing up to 49,559,000 new Patterson-UTI shares to SSE holders, with SSE becoming a wholly owned subsidiary. The deal needs both companies' shareholder approvals, antitrust clearance and other conditions; holders of about 61% of SSE have agreed to vote in favour, and a $150 million bridge facility from Canyon Capital is committed to repay some SSE debt. Termination fees of up to $100 million (payable by Patterson-UTI) or $40 million (by SSE) apply in certain cases. Existing Patterson-UTI shareholders keep their shares but will be diluted by the new issuance.
31 Oct 2016quarterly activities report▼ Bad
PATTERSON UTI ENERGY INC reported a quarterly net loss of $84.1 million for the period ended 2016-09-30.
27 Oct 2016quarterly activities report▼ Bad
PATTERSON UTI ENERGY INC reported a quarterly net loss of $84.1 million for the period ended 2016-09-30.
2 Aug 2016director interest notice● Neutral
PATTERSON UTI ENERGY INC President & CEO William Andrew Hendricks Jr. received 36,661 shares as part of the equity award.
2 Aug 2016quarterly activities report▼ Bad
PATTERSON UTI ENERGY INC reported a quarterly net loss of $85.9 million for the period ended 2016-06-30.
28 July 2016quarterly activities report▼ Bad
PATTERSON UTI ENERGY INC reported a quarterly net loss of $85.9 million for the period ended 2016-06-30.
12 July 2016security holder rights change● NeutralMajor
On July 8, 2016 the company amended its 2012 credit agreement (Amendment No. 2): $357.9 million of revolver commitments now run to March 27, 2019, borrowings are limited by a borrowing base, the maximum debt-to-capitalization ratio drops to 40%, and dividends and buybacks are restricted unless a debt service coverage ratio is at least 1.5x. It repaid its bank term loans, including the March 2015 $200 million term loan (terminated with no penalty), and the press release says $70 million remains outstanding on the revolver. The release states the new terms ease paying dividends compared with the old term loan's restriction.
10 June 2016director interest notice● Neutral
PATTERSON UTI ENERGY INC GENERAL COUNSEL AND SECRETARY Seth David Wexler acquired 41,000 shares and disposed of 9,418 in a set of related equity transactions.
