Analysts expect that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will post $794.15 million in sales for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Patterson-UTI Energy’s earnings, with the lowest sales estimate coming in at $790.27 million and the highest estimate coming in at $798.20 million. Patterson-UTI Energy reported sales of $305.18 million in the same quarter last year, which would suggest a positive year over year growth rate of 160.2%. The company is scheduled to issue its next quarterly earnings results on Thursday, April 26th.
According to Zacks, analysts expect that Patterson-UTI Energy will report full-year sales of $794.15 million for the current year, with estimates ranging from $3.26 billion to $3.56 billion. For the next year, analysts anticipate that the firm will report sales of $3.82 billion per share, with estimates ranging from $3.44 billion to $4.33 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). The company had revenue of $787.33 million during the quarter, compared to the consensus estimate of $764.84 million. Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. Patterson-UTI Energy’s quarterly revenue was up 218.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.53) EPS.
PTEN has been the topic of a number of research analyst reports. Citigroup set a $24.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, February 9th. Royal Bank of Canada set a $34.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Monday, February 5th. BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Jefferies Group set a $30.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, January 4th. Finally, SunTrust Banks upped their price objective on Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, December 6th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $26.21.
Shares of Patterson-UTI Energy stock traded down $0.34 during trading hours on Friday, hitting $18.61. 606,807 shares of the stock were exchanged, compared to its average volume of 3,954,486. The company has a market cap of $4,212.33, a price-to-earnings ratio of -135.36 and a beta of 1.21. Patterson-UTI Energy has a 1 year low of $14.83 and a 1 year high of $25.75. 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th will be given a dividend of $0.02 per share. The ex-dividend date is Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.43%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -57.14%.
In other news, Director Terry H. Hunt sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $19.46, for a total transaction of $194,600.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The disclosure for this sale can be found here. Company insiders own 4.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Teton Advisors Inc. increased its stake in shares of Patterson-UTI Energy by 2.7% in the 4th quarter. Teton Advisors Inc. now owns 84,839 shares of the oil and gas company’s stock worth $1,952,000 after acquiring an additional 2,193 shares during the last quarter. Eqis Capital Management Inc. lifted its stake in Patterson-UTI Energy by 12.4% during the fourth 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 during the last quarter. California State Teachers Retirement System lifted its stake in Patterson-UTI Energy by 0.8% during the fourth 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 during the last quarter. Tyers Asset Management LLC lifted its stake in Patterson-UTI Energy by 25.9% during the fourth 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 during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Patterson-UTI Energy by 11.6% during the third 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 during the last quarter. Institutional investors own 99.66% of the company’s stock.
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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.
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