Patterson-UTI Energy Inc (PTEN)
Quick 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 | 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 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Receivables | US$ in thousands | 998,040 | 1,040,600 | 503,431 | 493,563 | 565,919 | 546,711 | 473,340 | 377,639 | 356,150 | 263,250 | 196,726 | 181,261 | 164,642 | 136,107 | 166,706 | 327,446 | 346,096 | 417,136 | 507,160 | 552,076 |
| 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 |
| Quick ratio | 1.13 | 1.36 | 1.44 | 1.34 | 1.28 | 1.28 | 1.10 | 1.08 | 1.09 | 1.34 | 1.41 | 1.45 | 1.42 | 1.67 | 1.52 | 1.35 | 1.30 | 1.33 | 1.62 | 1.57 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($192,680K
+ $—K
+ $998,040K)
÷ $1,050,440K
= 1.13
The quick ratio for Patterson-UTI Energy Inc has shown fluctuations over the past year, ranging from 1.19 to 1.61. Generally, a quick ratio above 1 indicates that the company has an adequate level of liquid assets to cover its short-term liabilities.
In Q2 2023, the quick ratio spiked to 1.61, indicating a significant improvement in the company's liquidity position compared to the previous quarters. This improvement may be attributed to an increase in cash reserves or a decrease in current liabilities.
However, in Q3 and Q4 2023, the quick ratio slightly declined to 1.19 and 1.24, respectively. While these ratios are still above the ideal threshold of 1, the decreasing trend suggests that the company may have experienced a reduction in liquid assets or an increase in short-term liabilities during these quarters.
Overall, Patterson-UTI Energy Inc's quick ratio has demonstrated reasonable liquidity levels, with fluctuations reflecting changes in its short-term financial position. It is essential for the company to monitor and manage its liquidity carefully to ensure it can meet its obligations effectively.
Peer comparison
Dec 31, 2023