Patterson-UTI Energy Inc (PTEN)
Cash ratio
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | US$ in thousands | 192,680 | 67,048 | 150,288 | 157,218 | 137,553 | 42,735 | 19,636 | 48,264 | 117,524 | 191,284 | 216,682 | 214,144 | 224,915 | 303,741 | 246,781 | 152,200 | 174,185 | 164,829 | 255,514 | 248,901 |
| Short-term investments | US$ in thousands | — | 300,576 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | US$ in thousands | 1,050,440 | 1,037,130 | 454,321 | 486,824 | 550,966 | 459,996 | 448,421 | 396,180 | 435,853 | 338,849 | 293,482 | 272,260 | 273,722 | 263,397 | 272,139 | 354,282 | 400,602 | 438,858 | 470,044 | 511,158 |
| Cash ratio | 0.18 | 0.35 | 0.33 | 0.32 | 0.25 | 0.09 | 0.04 | 0.12 | 0.27 | 0.56 | 0.74 | 0.79 | 0.82 | 1.15 | 0.91 | 0.43 | 0.43 | 0.38 | 0.54 | 0.49 |
December 31, 2023 calculation
Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($192,680K
+ $—K)
÷ $1,050,440K
= 0.18
The cash ratio of Patterson-UTI Energy Inc has fluctuated over the past eight quarters, ranging from a low of 0.20 in Q3 2023 to a high of 0.51 in Q2 2023. The cash ratio indicates the company's ability to cover its short-term liabilities with its available cash and cash equivalents.
A higher cash ratio is generally preferred as it signifies a stronger ability to meet short-term obligations without relying on external financing. In this case, the company's cash ratio has shown improvement in the most recent quarters compared to the prior periods.
Overall, the trend in Patterson-UTI Energy Inc's cash ratio suggests an enhanced liquidity position, but further analysis considering the industry benchmarks and the company's specific business circumstances would be necessary to provide a more comprehensive evaluation.
Peer comparison
Dec 31, 2023