Patterson-UTI Energy, Inc. (PTEN) Issues Earnings Results

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) released its earnings results on Thursday. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04, MarketWatch Earnings reports. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.80%. The company had revenue of $684.99 million during the quarter, compared to the consensus estimate of $688.05 million. During the same quarter in the prior year, the firm earned ($0.58) EPS. The company’s revenue was up 232.3% compared to the same quarter last year.

Patterson-UTI Energy (NASDAQ:PTEN) traded up 3.51% during mid-day trading on Friday, reaching $19.76. 6,017,773 shares of the company’s stock traded hands. The firm’s market cap is $4.18 billion. Patterson-UTI Energy has a 1-year low of $14.83 and a 1-year high of $29.76. The firm has a 50 day moving average of $19.65 and a 200 day moving average of $19.89.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be paid a $0.02 dividend. The ex-dividend date is Wednesday, December 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.40%. Patterson-UTI Energy’s payout ratio is presently -5.16%.

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PTEN has been the subject of a number of research analyst reports. Cowen and Company reiterated a “hold” rating and issued a $24.00 target price on shares of Patterson-UTI Energy in a research report on Tuesday, July 11th. Piper Jaffray Companies reiterated a “neutral” rating and issued a $20.50 target price (down previously from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday, July 12th. BMO Capital Markets reiterated a “hold” rating and issued a $23.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, July 13th. Royal Bank Of Canada reiterated a “buy” rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $26.68.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

Earnings History for Patterson-UTI Energy (NASDAQ:PTEN)

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