Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Seaport Global Securities raised their Q4 2018 earnings per share (EPS) estimates for Patterson-UTI Energy in a report issued on Wednesday, March 14th, Zacks Investment Research reports. Seaport Global Securities analyst S. Randhawa now expects that the oil and gas company will post earnings of $0.00 per share for the quarter, up from their previous estimate of ($0.01). Seaport Global Securities currently has a “Hold” rating and a $24.00 price target on the stock.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The firm had revenue of $787.33 million during the quarter, compared to analyst estimates of $764.84 million. Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. The business’s revenue for the quarter was up 218.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.53) earnings per share.
PTEN has been the subject of a number of other reports. Jefferies Group set a $25.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, February 9th. BMO Capital Markets upgraded Patterson-UTI Energy from a “market perform” rating to a “buy” rating in a research report on Wednesday, February 14th. Citigroup set a $24.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, February 9th. Cowen reiterated a “market perform” rating and set a $23.00 price objective (down previously from $30.00) on shares of Patterson-UTI Energy in a research report on Friday, February 9th. Finally, Scotia Howard Weill upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research report on Friday, January 12th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $25.71.
PTEN traded down $0.26 during trading on Friday, reaching $17.56. The stock had a trading volume of 2,574,767 shares, compared to its average volume of 3,117,597. The company has a market capitalization of $3,903.34, a price-to-earnings ratio of -21.95 and a beta of 1.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.37 and a quick ratio of 1.24. Patterson-UTI Energy has a 1-year low of $14.83 and a 1-year high of $25.75.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. Millennium Management LLC lifted its holdings in shares of Patterson-UTI Energy by 601.6% in the fourth quarter. Millennium Management LLC now owns 4,059,127 shares of the oil and gas company’s stock valued at $93,401,000 after purchasing an additional 3,480,569 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at $67,664,000. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Patterson-UTI Energy by 285.0% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 2,722,481 shares of the oil and gas company’s stock valued at $57,009,000 after purchasing an additional 2,015,336 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Patterson-UTI Energy by 10.4% in the fourth quarter. BlackRock Inc. now owns 20,590,666 shares of the oil and gas company’s stock valued at $473,793,000 after purchasing an additional 1,941,119 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Patterson-UTI Energy by 31.5% in the third quarter. Ameriprise Financial Inc. now owns 5,567,435 shares of the oil and gas company’s stock valued at $116,581,000 after purchasing an additional 1,335,098 shares in the last quarter. Institutional investors own 99.66% of the company’s stock.
In other news, Director Terry H. Hunt sold 10,000 shares of the stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $19.46, for a total value of $194,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.60% of the stock is owned by corporate insiders.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th were issued a $0.02 dividend. The ex-dividend date was Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.46%. Patterson-UTI Energy’s payout ratio is currently -10.00%.
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Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments: Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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