Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Piper Jaffray Companies lowered their FY2018 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research note issued to investors on Tuesday, January 8th. Piper Jaffray Companies analyst J. Daniel now forecasts that the oil and gas company will post earnings per share of ($0.42) for the year, down from their previous estimate of ($0.41). Piper Jaffray Companies currently has a “Buy” rating and a $23.00 target price on the stock. Piper Jaffray Companies also issued estimates for Patterson-UTI Energy’s Q4 2018 earnings at ($0.14) EPS, Q1 2019 earnings at ($0.21) EPS, Q2 2019 earnings at ($0.28) EPS, Q3 2019 earnings at ($0.25) EPS, Q4 2019 earnings at ($0.21) EPS, FY2019 earnings at ($0.95) EPS, Q1 2020 earnings at ($0.11) EPS, Q2 2020 earnings at ($0.07) EPS, Q3 2020 earnings at $0.01 EPS, Q4 2020 earnings at $0.04 EPS and FY2020 earnings at ($0.13) EPS.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. The company had revenue of $867.48 million during the quarter, compared to the consensus estimate of $839.65 million. Patterson-UTI Energy had a negative return on equity of 2.29% and a net margin of 2.27%.
PTEN has been the subject of several other reports. Zacks Investment Research raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Thursday, October 4th. UBS Group set a $23.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, October 26th. Sanford C. Bernstein began coverage on Patterson-UTI Energy in a research report on Thursday, October 4th. They issued an “outperform” rating and a $21.00 target price for the company. Wolfe Research raised Patterson-UTI Energy from a “market perform” rating to a “buy” rating in a research report on Monday, December 10th. Finally, ValuEngine raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $22.27.
NASDAQ PTEN opened at $12.72 on Friday. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of -15.90 and a beta of 1.20. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.66 and a quick ratio of 1.54. Patterson-UTI Energy has a 1-year low of $9.49 and a 1-year high of $25.03.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend was Wednesday, December 5th. Patterson-UTI Energy’s dividend payout ratio is presently -20.00%.
In related news, Director Curtis W. Huff acquired 20,000 shares of the stock in a transaction dated Wednesday, December 26th. The stock was acquired at an average cost of $10.14 per share, with a total value of $202,800.00. Following the completion of the transaction, the director now owns 113,304 shares in the company, valued at approximately $1,148,902.56. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 3.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Scout Investments Inc. purchased a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $9,164,000. Cerebellum GP LLC lifted its stake in Patterson-UTI Energy by 158.5% during the fourth quarter. Cerebellum GP LLC now owns 25,636 shares of the oil and gas company’s stock worth $265,000 after purchasing an additional 15,717 shares during the last quarter. Legal & General Group Plc lifted its stake in Patterson-UTI Energy by 1.0% during the third quarter. Legal & General Group Plc now owns 306,882 shares of the oil and gas company’s stock worth $5,250,000 after purchasing an additional 2,949 shares during the last quarter. Vanguard Group Inc lifted its stake in Patterson-UTI Energy by 1.5% during the third quarter. Vanguard Group Inc now owns 19,141,504 shares of the oil and gas company’s stock worth $327,511,000 after purchasing an additional 285,700 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its stake in Patterson-UTI Energy by 990.1% during the third quarter. Federated Investors Inc. PA now owns 998,638 shares of the oil and gas company’s stock worth $17,087,000 after purchasing an additional 907,032 shares during the last quarter. Hedge funds and other institutional investors own 95.62% of the company’s stock.
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.
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