Patterson-UTI Energy, Inc. (PTEN) Shares Gap Up on Earnings Beat

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $19.69, but opened at $19.09. Patterson-UTI Energy shares last traded at $19.67, with a volume of 3,127,207 shares.

The oil and gas company reported ($0.13) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The firm had revenue of $684.99 million during the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The company’s quarterly revenue was up 232.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.58) EPS.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.40%. Patterson-UTI Energy’s dividend payout ratio is presently -4.06%.

Several brokerages have weighed in on PTEN. Cowen and Company set a $24.00 price objective on Patterson-UTI Energy and gave the company a “hold” rating in a report on Wednesday, October 18th. UBS AG reaffirmed a “buy” rating and issued a $25.00 price objective (down from $35.00) on shares of Patterson-UTI Energy in a report on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, September 5th. Citigroup Inc. set a $24.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. Finally, J P Morgan Chase & Co raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 price target for the company in a report on Tuesday, September 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $26.68.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its position in shares of Patterson-UTI Energy by 7.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after buying an additional 683 shares during the last quarter. Riverhead Capital Management LLC grew its position in shares of Patterson-UTI Energy by 86.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 4,653 shares during the last quarter. Madden Advisory Services Inc. bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at about $236,000. Gluskin Sheff & Assoc Inc. grew its position in shares of Patterson-UTI Energy by 7.1% in the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after buying an additional 780 shares during the last quarter. Finally, Pacad Investment Ltd. bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at about $246,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

The company’s market cap is $4.18 billion. The company’s 50 day moving average price is $19.54 and its 200-day moving average price is $19.94.

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Patterson-UTI Energy Company Profile

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.

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