Analysts expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report $805.54 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Patterson-UTI Energy’s earnings, with the lowest sales estimate coming in at $776.85 million and the highest estimate coming in at $852.64 million. Patterson-UTI Energy reported sales of $305.18 million during the same quarter last year, which indicates a positive year over year growth rate of 164%. The firm is scheduled to announce its next earnings report on Thursday, April 26th.
According to Zacks, analysts expect that Patterson-UTI Energy will report full-year sales of $805.54 million for the current fiscal year, with estimates ranging from $2.96 billion to $3.93 billion. For the next financial year, analysts anticipate that the firm will report sales of $3.87 billion per share, with estimates ranging from $3.17 billion to $4.93 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). The company had revenue of $787.33 million for the quarter, compared to analyst estimates of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 5.07%. The firm’s quarterly revenue was up 218.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.53) EPS.
Several equities analysts have commented on PTEN shares. BidaskClub raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday, January 13th. TheStreet raised shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research note on Monday, December 4th. Scotiabank raised shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Credit Suisse Group raised their target price on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. Finally, Howard Weil raised shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $26.84.
Patterson-UTI Energy (PTEN) opened at $18.04 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $29.76.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th will be paid a $0.02 dividend. The ex-dividend date is Wednesday, March 7th. This represents a $0.08 annualized dividend and a dividend yield of 0.44%. Patterson-UTI Energy’s dividend payout ratio is currently -57.14%.
In other news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.60% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in PTEN. PNC Financial Services Group Inc. grew its stake in shares of Patterson-UTI Energy by 11.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after purchasing an additional 1,089 shares during the last quarter. Northern Trust Corp increased its position in shares of Patterson-UTI Energy by 4.7% in the second quarter. Northern Trust Corp now owns 1,576,320 shares of the oil and gas company’s stock worth $31,826,000 after acquiring an additional 71,331 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Patterson-UTI Energy by 1.3% in the second quarter. Parametric Portfolio Associates LLC now owns 390,835 shares of the oil and gas company’s stock worth $7,891,000 after acquiring an additional 4,926 shares in the last quarter. State Street Corp increased its position in shares of Patterson-UTI Energy by 9.3% in the second quarter. State Street Corp now owns 4,984,030 shares of the oil and gas company’s stock worth $100,628,000 after acquiring an additional 423,443 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Patterson-UTI Energy by 1.3% in the second quarter. The Manufacturers Life Insurance Company now owns 446,475 shares of the oil and gas company’s stock worth $9,014,000 after acquiring an additional 5,552 shares in the last quarter. 98.46% of the stock is currently owned by institutional investors.
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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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