Patterson-UTI Energy (NASDAQ:PTEN) issued its quarterly earnings results on Thursday. The oil and gas company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.07, MarketWatch Earnings reports. Patterson-UTI Energy had a negative net margin of 9.66% and a negative return on equity of 1.98%. The company had revenue of $704.17 million for the quarter, compared to the consensus estimate of $694.10 million. During the same quarter in the prior year, the company earned ($0.16) EPS. Patterson-UTI Energy’s quarterly revenue was down 13.0% on a year-over-year basis.
Shares of NASDAQ PTEN traded down $0.13 during trading on Thursday, hitting $15.01. 284,406 shares of the company were exchanged, compared to its average volume of 3,773,680. Patterson-UTI Energy has a 12-month low of $9.49 and a 12-month high of $23.99. The company has a quick ratio of 1.68, a current ratio of 1.81 and a debt-to-equity ratio of 0.32. The firm has a market cap of $3.15 billion, a PE ratio of -44.59 and a beta of 1.34.
PTEN has been the topic of a number of analyst reports. ValuEngine raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Wednesday, April 10th. Zacks Investment Research upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Friday, February 15th. Raymond James set a $20.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, February 8th. Finally, Goldman Sachs Group started coverage on Patterson-UTI Energy in a report on Sunday, March 10th. They issued a “neutral” rating and a $16.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Patterson-UTI Energy presently has a consensus rating of “Buy” and a consensus target price of $19.93.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Captrust Financial Advisors acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $25,000. Quantamental Technologies LLC purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $68,000. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $69,000. Avestar Capital LLC purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $81,000. Finally, Penserra Capital Management LLC raised its stake in shares of Patterson-UTI Energy by 112.3% during the fourth quarter. Penserra Capital Management LLC now owns 10,064 shares of the oil and gas company’s stock worth $103,000 after purchasing an additional 5,324 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.
Patterson-UTI Energy declared that its board has approved a stock repurchase program on Thursday, February 7th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
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Patterson-UTI Energy 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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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