Patterson-UTI Energy, Inc. (PTEN) Expected to Post Earnings of -$0.04 Per Share

Equities research analysts expect that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will report earnings of ($0.04) per share for the current quarter, Zacks Investment Research reports. Eight analysts have made estimates for Patterson-UTI Energy’s earnings, with the lowest EPS estimate coming in at ($0.06) and the highest estimate coming in at ($0.01). Patterson-UTI Energy reported earnings of ($0.21) per share during the same quarter last year, which would indicate a positive year over year growth rate of 81%. The business is expected to report its next quarterly earnings results on Thursday, July 26th.

On average, analysts expect that Patterson-UTI Energy will report full year earnings of ($0.09) per share for the current fiscal year, with EPS estimates ranging from ($0.30) to $0.02. For the next year, analysts anticipate that the business will report earnings of $0.57 per share, with EPS estimates ranging from ($0.20) to $1.10. Zacks Investment Research’s EPS averages are an average based on a survey of research analysts that cover Patterson-UTI Energy.

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 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 analysts’ expectations of $793.39 million. During the same period in the previous year, the company posted ($0.40) EPS. Patterson-UTI Energy’s revenue for the quarter was up 165.1% on a year-over-year basis.



Several equities research analysts have recently weighed in on the stock. ValuEngine cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. BidaskClub upgraded shares of Patterson-UTI Energy from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 18th. Royal Bank of Canada set a $34.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Monday, February 5th. Citigroup boosted their price objective on shares of Patterson-UTI Energy from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, April 30th. Finally, Societe Generale lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $22.00 price objective on the stock. in a research report on Thursday, April 19th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $25.94.

Shares of PTEN traded down $1.00 during mid-day trading on Tuesday, hitting $21.00. The company’s stock had a trading volume of 3,800,388 shares, compared to its average volume of 3,371,050. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $25.03. The company has a quick ratio of 1.61, a current ratio of 1.73 and a debt-to-equity ratio of 0.28.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 21st. Shareholders of record on Thursday, June 7th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.76%. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.02. The ex-dividend date is Wednesday, June 6th. Patterson-UTI Energy’s dividend payout ratio is -10.00%.

In other Patterson-UTI Energy news, Director Terry H. Hunt sold 10,000 shares of the company’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total value of $194,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.70% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in PTEN. Point72 Asia Hong Kong Ltd grew its position in shares of Patterson-UTI Energy by 2,863.0% during the first quarter. Point72 Asia Hong Kong Ltd now owns 6,815 shares of the oil and gas company’s stock worth $119,000 after buying an additional 6,585 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Patterson-UTI Energy during the 1st quarter worth about $180,000. Tower Research Capital LLC TRC lifted its holdings in Patterson-UTI Energy 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 worth $194,000 after buying an additional 7,274 shares during the period. Ballentine Partners LLC acquired a new position in Patterson-UTI Energy during the 4th quarter worth about $216,000. Finally, WealthTrust Axiom LLC acquired a new position in Patterson-UTI Energy during the 4th quarter worth about $217,000. Institutional investors own 97.51% 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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Earnings History and Estimates for Patterson-UTI Energy (NASDAQ:PTEN)

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