Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Research analysts at Seaport Global Securities lifted their Q4 2018 earnings per share estimates for Patterson-UTI Energy in a research note issued on Wednesday. Seaport Global Securities analyst S. Randhawa now anticipates that the oil and gas company will post earnings per share of $0.00 for the quarter, up from their previous estimate of ($0.01). Seaport Global Securities has a “Hold” rating and a $24.00 price objective on the stock.
A number of other equities research analysts also recently commented on PTEN. BidaskClub downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Friday, March 2nd. BMO Capital Markets set a $24.00 target price on Patterson-UTI Energy and gave the company a “hold” rating in a research report on Friday, February 9th. Deutsche Bank reduced their target price on Patterson-UTI Energy from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, February 9th. Jefferies Group set a $25.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, Cowen restated a “market perform” rating and issued a $23.00 target price (down previously from $30.00) on shares of Patterson-UTI Energy in a research report on Friday, February 9th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $26.21.
Shares of Patterson-UTI Energy (PTEN) opened at $18.95 on Friday. Patterson-UTI Energy has a 12 month low of $14.83 and a 12 month high of $26.29. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $4,127.86, a PE ratio of -135.36 and a beta of 1.21.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 4.82%. The business had revenue of $787.33 million during the quarter, compared to analysts’ expectations of $764.84 million. During the same quarter last year, the business posted ($0.53) earnings per share. The company’s quarterly revenue was up 218.9% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.08 annualized dividend and a dividend yield of 0.42%. Patterson-UTI Energy’s dividend payout ratio is presently -57.14%.
In related news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Terry H. Hunt sold 10,000 shares of the business’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total value of $194,600.00. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Teton Advisors Inc. grew its stake in Patterson-UTI Energy by 2.7% during the 4th quarter. Teton Advisors Inc. now owns 84,839 shares of the oil and gas company’s stock worth $1,952,000 after purchasing an additional 2,193 shares in the last quarter. Eqis Capital Management Inc. grew its stake in Patterson-UTI Energy by 12.4% during the 4th quarter. Eqis Capital Management Inc. now owns 20,497 shares of the oil and gas company’s stock worth $472,000 after purchasing an additional 2,265 shares in the last quarter. California State Teachers Retirement System grew its stake in Patterson-UTI Energy by 0.8% during the 4th quarter. California State Teachers Retirement System now owns 359,071 shares of the oil and gas company’s stock worth $8,262,000 after purchasing an additional 2,977 shares in the last quarter. Tyers Asset Management LLC grew its stake in Patterson-UTI Energy by 25.9% during the 4th quarter. Tyers Asset Management LLC now owns 14,864 shares of the oil and gas company’s stock worth $342,000 after purchasing an additional 3,056 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in Patterson-UTI Energy by 11.6% during the 3rd quarter. Pacer Advisors Inc. now owns 33,876 shares of the oil and gas company’s stock worth $709,000 after purchasing an additional 3,522 shares in the last quarter. Hedge funds and other institutional investors own 99.66% of the company’s stock.
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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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