NEW YORK (TheStreet) -- Shares of Patterson-UTI Energy (PTEN) - Get Report are sliding 3.05% to $19.04 on heavy trading volume late Thursday afternoon even though the company posted a narrower-than-expected loss for the 2016 second quarter.
Before today's market open, the Snyder, TX-based provider of onshore contract drilling services reported a loss of 58 cents per share, while analysts had projected a loss of 63 cents per share.
Last year, the company had a loss of 13 cents per share.
Revenue for the period was $193.9 million, topping analysts' estimates of $192.7 million.
Additionally, oil prices are lower today. Crude oil (WTI) is falling 1.96% to $41.10 per barrel and Brent crude is down 1.89% to $42.65 per barrel this afternoon.
About 5.4 million of the company's shares were traded so far today, above its average volume of 3.91 million shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PTEN