Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Piper Jaffray Companies raised their Q2 2018 EPS estimates for shares of Patterson-UTI Energy in a research report issued to clients and investors on Monday, June 25th. Piper Jaffray Companies analyst J. Daniel now forecasts that the oil and gas company will earn ($0.04) per share for the quarter, up from their prior forecast of ($0.05). Piper Jaffray Companies also issued estimates for Patterson-UTI Energy’s FY2018 earnings at ($0.09) EPS, Q1 2019 earnings at $0.02 EPS, Q2 2019 earnings at $0.03 EPS, Q3 2019 earnings at $0.11 EPS and FY2019 earnings at $0.32 EPS.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.07). Patterson-UTI Energy had a negative return on equity of 3.54% and a net margin of 1.22%. The business had revenue of $809.16 million during the quarter, compared to the consensus estimate of $793.39 million. During the same quarter last year, the company earned ($0.40) earnings per share. The firm’s revenue was up 165.1% compared to the same quarter last year.
PTEN has been the subject of several other reports. BidaskClub downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, June 19th. Wolfe Research upgraded Patterson-UTI Energy from a “market perform” rating to an “outperform” rating in a report on Thursday, April 12th. Cowen upgraded Patterson-UTI Energy from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $23.00 to $26.00 in a report on Friday, April 13th. ValuEngine upgraded Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a report on Friday, April 13th. Finally, Societe Generale downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $22.00 price target for the company. in a report on Thursday, April 19th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $25.38.
Shares of Patterson-UTI Energy opened at $18.00 on Thursday, Marketbeat Ratings reports. Patterson-UTI Energy has a 1 year low of $14.83 and a 1 year high of $25.03. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of -22.50 and a beta of 1.19. The company has a quick ratio of 1.61, a current ratio of 1.73 and a debt-to-equity ratio of 0.28.
Several large investors have recently bought and sold shares of the stock. California State Teachers Retirement System grew its stake in Patterson-UTI Energy by 0.8% in the fourth quarter. California State Teachers Retirement System now owns 359,071 shares of the oil and gas company’s stock valued at $8,262,000 after purchasing an additional 2,977 shares in the last quarter. Tyers Asset Management LLC lifted its position in shares of Patterson-UTI Energy by 25.9% in the fourth quarter. Tyers Asset Management LLC now owns 14,864 shares of the oil and gas company’s stock valued at $342,000 after buying an additional 3,056 shares during the last quarter. Comerica Bank lifted its position in shares of Patterson-UTI Energy by 1.5% in the first quarter. Comerica Bank now owns 205,839 shares of the oil and gas company’s stock valued at $4,179,000 after buying an additional 3,092 shares during the last quarter. US Bancorp DE lifted its position in shares of Patterson-UTI Energy by 9.5% in the first quarter. US Bancorp DE now owns 35,950 shares of the oil and gas company’s stock valued at $629,000 after buying an additional 3,129 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Patterson-UTI Energy by 18.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 24,800 shares of the oil and gas company’s stock valued at $434,000 after buying an additional 3,800 shares during the last quarter. Institutional investors and hedge funds own 97.22% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 21st. Investors of record on Thursday, June 7th were issued a dividend of $0.04 per share. The ex-dividend date was Wednesday, June 6th. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.02. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.89%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -20.00%.
About Patterson-UTI Energy
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.
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.