Analysts expect Patterson-UTI (NASDAQ:PTEN) to report earnings of ($0.09) per share for the current quarter, according to Zacks. Seven analysts have issued estimates for Patterson-UTI’s earnings, with estimates ranging from ($0.12) to ($0.07). Patterson-UTI posted earnings per share of ($0.42) in the same quarter last year, which suggests a positive year over year growth rate of 78.6%. The business is scheduled to issue its next earnings results before the market opens on Thursday, April 26th.
According to Zacks, analysts expect that Patterson-UTI will report full year earnings of $0.01 per share for the current year, with EPS estimates ranging from ($0.25) to $0.21. For the next year, analysts expect that the business will post earnings of $0.52 per share, with EPS estimates ranging from ($0.25) to $1.05. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that that provide coverage for Patterson-UTI.
Patterson-UTI (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share 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 analysts’ expectations of $764.84 million. Patterson-UTI had a negative return on equity of 4.82% and a net margin of 0.25%. The firm’s revenue was up 218.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.53) EPS.
A number of equities analysts have weighed in on the company. Cowen restated a “market perform” rating and issued a $23.00 price target (down previously from $30.00) on shares of Patterson-UTI in a report on Friday, February 9th. Citigroup set a $24.00 price target on Patterson-UTI and gave the stock a “buy” rating in a report on Friday, February 9th. Seaport Global Securities restated a “hold” rating and issued a $24.00 price target on shares of Patterson-UTI in a report on Monday, February 12th. BMO Capital Markets upgraded Patterson-UTI from a “market perform” rating to a “buy” rating in a report on Wednesday, February 14th. Finally, ValuEngine cut Patterson-UTI from a “sell” rating to a “strong sell” rating in a report on Monday, April 2nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eighteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $25.88.
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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its stake in shares of Patterson-UTI by 621.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock valued at $194,000 after buying an additional 7,274 shares during the last quarter. Ballentine Partners LLC bought a new position in Patterson-UTI during the fourth quarter worth $216,000. WealthTrust Axiom LLC bought a new position in Patterson-UTI during the fourth quarter worth $217,000. Schroder Investment Management Group bought a new position in Patterson-UTI during the fourth quarter worth $219,000. Finally, Falcon Point Capital LLC bought a new position in Patterson-UTI during the fourth quarter worth $222,000. Institutional investors own 99.90% of the company’s stock.
NASDAQ PTEN traded down $0.41 on Tuesday, reaching $19.64. The company had a trading volume of 2,897,599 shares, compared to its average volume of 3,785,926. The stock has a market cap of $4,437.78, a PE ratio of -24.55 and a beta of 1.21. Patterson-UTI has a 1 year low of $14.83 and a 1 year 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.
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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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