Brokerages predict that Patterson-UTI (NASDAQ:PTEN) will post sales of $791.98 million for the current fiscal quarter, according to Zacks. Seven analysts have issued estimates for Patterson-UTI’s earnings. The highest sales estimate is $798.20 million and the lowest is $775.06 million. Patterson-UTI reported sales of $305.18 million in the same quarter last year, which would suggest a positive year over year growth rate of 159.5%. The business is expected to report its next quarterly earnings report before the market opens on Thursday, April 26th.
On average, analysts expect that Patterson-UTI will report full year sales of $3.39 billion for the current year, with estimates ranging from $3.16 billion to $3.56 billion. For the next fiscal year, analysts anticipate that the business will report sales of $3.80 billion per share, with estimates ranging from $3.23 billion to $4.32 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Patterson-UTI.
Patterson-UTI (NASDAQ:PTEN) last posted 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). Patterson-UTI had a net margin of 0.25% and a negative return on equity of 4.82%. The firm had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. During the same quarter in the previous year, the company earned ($0.53) EPS. The company’s quarterly revenue was up 218.9% compared to the same quarter last year.
A number of equities research analysts have recently commented on PTEN shares. Jefferies Group set a $30.00 price target on shares of Patterson-UTI and gave the company a “buy” rating in a report on Thursday, January 4th. Stephens started coverage on shares of Patterson-UTI in a report on Tuesday, January 9th. They issued an “overweight” rating and a $29.00 target price on the stock. Cowen set a $30.00 target price on shares of Patterson-UTI and gave the stock a “hold” rating in a report on Thursday, January 11th. Howard Weil upgraded shares of Patterson-UTI from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 12th. Finally, Scotia Howard Weill upgraded shares of Patterson-UTI from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eighteen have issued a buy rating to the company. Patterson-UTI presently has an average rating of “Buy” and a consensus target price of $25.88.
Shares of NASDAQ:PTEN traded down $0.31 during trading on Thursday, reaching $19.99. 3,069,989 shares of the stock traded hands, compared to its average volume of 3,336,994. Patterson-UTI has a 52-week low of $14.83 and a 52-week high of $25.03. 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 stock has a market cap of $4,437.78, a price-to-earnings ratio of -24.99 and a beta of 1.21.
In other news, Director Terry H. Hunt sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total transaction of $194,600.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.60% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in PTEN. Schwab Charles Investment Management Inc. raised its position in shares of Patterson-UTI by 26.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 771,726 shares of the oil and gas company’s stock valued at $16,160,000 after purchasing an additional 162,677 shares during the period. Cubist Systematic Strategies LLC increased its holdings in Patterson-UTI by 89.6% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 51,594 shares of the oil and gas company’s stock valued at $1,080,000 after acquiring an additional 24,381 shares during the last quarter. California Public Employees Retirement System increased its holdings in Patterson-UTI by 3.3% in the 3rd quarter. California Public Employees Retirement System now owns 495,566 shares of the oil and gas company’s stock valued at $10,377,000 after acquiring an additional 15,915 shares during the last quarter. Bank of Montreal Can increased its holdings in Patterson-UTI by 10.5% in the 4th quarter. Bank of Montreal Can now owns 281,307 shares of the oil and gas company’s stock valued at $6,474,000 after acquiring an additional 26,752 shares during the last quarter. Finally, Sicart Associates LLC increased its holdings in Patterson-UTI by 2.1% in the 4th quarter. Sicart Associates LLC now owns 437,510 shares of the oil and gas company’s stock valued at $10,067,000 after acquiring an additional 9,200 shares during the last quarter. Hedge funds and other institutional investors own 99.63% of the company’s stock.
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Patterson-UTI 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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