Equities research analysts expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report $799.15 million in sales for the current fiscal quarter, according to Zacks. Eight analysts have issued estimates for Patterson-UTI Energy’s earnings, with the highest sales estimate coming in at $812.57 million and the lowest estimate coming in at $791.62 million. Patterson-UTI Energy reported sales of $787.33 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.5%. The business is scheduled to issue its next quarterly earnings results on Thursday, February 14th.
On average, analysts expect that Patterson-UTI Energy will report full year sales of $3.31 billion for the current year, with estimates ranging from $3.13 billion to $3.34 billion. For the next year, analysts forecast that the firm will report sales of $3.48 billion, with estimates ranging from $3.18 billion to $3.86 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.02. Patterson-UTI Energy had a negative return on equity of 2.29% and a net margin of 2.27%. The company had revenue of $867.48 million during the quarter, compared to analyst estimates of $839.65 million.
A number of analysts recently commented on the company. UBS Group set a $23.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, October 26th. Zacks Investment Research lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 6th. BidaskClub lowered Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research report on Friday, July 20th. Piper Jaffray Companies set a $23.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, October 26th. Finally, Macquarie upgraded Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research report on Thursday, July 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $23.88.
Institutional investors have recently bought and sold shares of the company. BlueMountain Capital Management LLC bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at about $48,281,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Patterson-UTI Energy by 51.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,956,667 shares of the oil and gas company’s stock valued at $67,699,000 after purchasing an additional 1,350,950 shares in the last quarter. Capital Fund Management S.A. bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at about $11,272,000. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Patterson-UTI Energy by 13.2% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 5,032,655 shares of the oil and gas company’s stock valued at $90,588,000 after purchasing an additional 587,878 shares in the last quarter. Finally, Mackay Shields LLC bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at about $8,888,000. Institutional investors own 96.80% of the company’s stock.
PTEN stock traded up $0.46 during midday trading on Friday, reaching $16.72. The stock had a trading volume of 2,013,392 shares, compared to its average volume of 3,653,402. The company has a quick ratio of 1.54, a current ratio of 1.66 and a debt-to-equity ratio of 0.30. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -20.90 and a beta of 0.98. Patterson-UTI Energy has a twelve month low of $13.89 and a twelve month high of $25.03.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $0.16 annualized dividend and a dividend yield of 0.96%. Patterson-UTI Energy’s payout ratio is currently -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.
Featured Story: What is the Dividend Aristocrat Index?
Get a free copy of the Zacks research report on Patterson-UTI Energy (PTEN)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.