Brokerages predict that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will announce earnings per share of ($0.09) for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Patterson-UTI Energy’s earnings, with the highest EPS estimate coming in at ($0.07) and the lowest estimate coming in at ($0.12). Patterson-UTI Energy posted earnings per share of ($0.53) during the same quarter last year, which suggests a positive year over year growth rate of 83%. The business is scheduled to report its next earnings results on Thursday, February 8th.
According to Zacks, analysts expect that Patterson-UTI Energy will report full-year earnings of ($0.82) per share for the current fiscal year, with EPS estimates ranging from ($0.96) to ($0.74). For the next year, analysts forecast that the business will report earnings of ($0.10) per share, with EPS estimates ranging from ($0.54) to $0.90. Zacks’ EPS averages are a mean average based on a survey of research analysts that follow Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping 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 3.76% and a negative net margin of 4.93%. Patterson-UTI Energy’s revenue was up 232.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.58) earnings per share.
Several analysts have weighed in on PTEN shares. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, September 5th. Royal Bank Of Canada reissued a “buy” rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 20th. Societe Generale started coverage on Patterson-UTI Energy in a report on Thursday, August 31st. They issued a “buy” rating and a $22.00 target price on the stock. Citigroup Inc. raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their target price for the company from $21.00 to $19.00 in a report on Wednesday, August 30th. Finally, UBS AG reissued a “buy” rating and issued a $25.00 target price (down previously 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. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $26.71.
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Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of Patterson-UTI Energy by 60.9% in the 2nd quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after purchasing an additional 1,205,084 shares during the period. Federated Investors Inc. PA raised its holdings in shares of Patterson-UTI Energy by 9.9% in the 2nd quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock worth $2,779,000 after purchasing an additional 12,454 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Patterson-UTI Energy by 59.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock worth $66,229,000 after purchasing an additional 1,228,607 shares during the period. Scout Investments Inc. raised its holdings in shares of Patterson-UTI Energy by 101.7% in the 2nd quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock worth $21,182,000 after purchasing an additional 529,023 shares during the period. Finally, Virginia Retirement Systems ET AL raised its holdings in shares of Patterson-UTI Energy by 14.6% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 166,417 shares of the oil and gas company’s stock worth $3,360,000 after purchasing an additional 21,200 shares during the period. Institutional investors own 95.05% of the company’s stock.
Patterson-UTI Energy (NASDAQ:PTEN) traded up $0.39 during trading hours on Tuesday, reaching $20.02. The company’s stock had a trading volume of 2,179,252 shares, compared to its average volume of 4,306,232. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. Patterson-UTI Energy has a 1 year low of $14.83 and a 1 year high of $29.76.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is -5.16%.
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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