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Patterson-UTI Energy Sees Q4 Net Income Exceeding $100 Mln
(RTTNews) - Providing an update on the fourth quarter results on Wednesday, oilfield services provider Patterson-UTI Energy, Inc. (PTEN) announced that it expects its net income for the fourth quarter of 2022 to exceed $100 million and its adjusted EBITDA for the fourth quarter of 2022 to surpass $230 million, based on current projections.
In aggregate, the Company has returned $74.3 million to shareholders in the fourth quarter through its regularly scheduled dividend and the purchase of approximately 3.3 million shares of its common stock for $57.2 million. The Company also repurchased $22.4 million of its long-term indebtedness during the fourth quarter.
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Bay Street Seen Opening With Negative Bias
Canadian shares are likely to open with a slightly negative bias Friday morning, weighed down by uncertainty about tariffs, and lower bullion prices.
Investors are also likely to react to earnings updates. The market is likely to move in a tight range for much of the day's trading session.
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UK Retail Sales Rebound As Warm Weather Boosts Spending
UK retail sales recovered in June as warm weather boosted consumer spending but consumer sentiment weakened amid fears of possible tax rate hikes, data showed Friday. Retail sales grew 0.9 percent on a monthly basis, in contrast to the revised 2.8 percent drop in May, the Office for National Statistics reported. However, this was weaker than economists' forecast of 1.2 percent gain.
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FTSE 100 Sheds Ground After Six-day Winning Streak
After posting gains in the previous six sessions, the U.K. market is down in negative territory on Friday with data showing a less than expected increase in retail sales, and a drop in consumer sentiment weighing on stocks.
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Volkswagen Stock Up On Volume Growth, Despite Weak Q2 Profit, Outlook Cut
Shares of Volkswagen Group were gaining around 4 percent in the German trading after the automajor reported Friday slightly higher sales volume in the second quarter, even though profit and revenues were lower and the firm trimmed fiscal 2025 outlook. The latest results were hit partly by higher sales of lower-margin all-electric models, as well as increased US import tariffs and restructuring...
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CAC 40 Pares Early Losses, Up Marginally
French stocks are a bit subdued in cautious trade on Friday amid a few disappointing earnings updates, and some uncertainty about U.S.-EU trade deal ahead of the August 1 deadline.
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Pound Falls As U.K. Retail Sales Rise Less-than-expected
The British pound weakened against most major currencies in the European session on Friday, as U.K. retail Sales grew at a slower-than-expected pace in June.
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Pound Falls Against Majors
The British pound weakened against most major currencies in the European session on Friday.
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DAX Drifts Lower As Investors Await Progress On Trade Front
German stocks are notably lower on Friday as investors react to a slew of corporate earnings announcements, and closely follow the developments on the trade front.
European Union officials are voicing optimism about a possible trade deal with the United States, but U.S. President Donald Trump's position is seen to have hardened ahead of the August 1 deadline.
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