Patterson-UTI Energy, Inc. (PTEN) Expected to Post Earnings of -$0.08 Per Share

Equities analysts expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report earnings per share (EPS) of ($0.08) for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Patterson-UTI Energy’s earnings, with the lowest EPS estimate coming in at ($0.10) and the highest estimate coming in at ($0.07). Patterson-UTI Energy reported earnings per share of ($0.42) in the same quarter last year, which would indicate a positive year-over-year growth rate of 81%. The business is scheduled to announce its next quarterly earnings report on Thursday, April 26th.

According to Zacks, analysts expect that Patterson-UTI Energy will report full year earnings of $0.03 per share for the current financial year, with EPS estimates ranging from ($0.20) to $0.40. For the next fiscal year, analysts forecast that the company will post earnings of $0.53 per share, with EPS estimates ranging from ($0.15) to $1.30. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow Patterson-UTI Energy.

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Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). The business had revenue of $787.33 million for the quarter, compared to the consensus estimate of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 4.82%. The business’s revenue was up 218.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.53) EPS.

A number of brokerages have recently issued reports on PTEN. BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Scotiabank upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research report on Friday, January 12th. Scotia Howard Weill upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research report on Friday, January 12th. Howard Weil upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research report on Friday, January 12th. Finally, Cowen set a $30.00 price target on Patterson-UTI Energy and gave the company a “hold” rating in a research report on Thursday, January 11th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Patterson-UTI Energy has an average rating of “Buy” and a consensus price target of $26.00.

Shares of NASDAQ:PTEN opened at $17.51 on Friday. The stock has a market cap of $3,892.23, a PE ratio of -21.89 and a beta of 1.21. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $25.75.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th were paid a $0.02 dividend. The ex-dividend date was Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.46%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -10.00%.

In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Terry H. Hunt sold 10,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $19.46, for a total value of $194,600.00. The disclosure for this sale can be found here. 4.60% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in PTEN. Nationwide Fund Advisors increased its stake in Patterson-UTI Energy by 31.8% in the 3rd quarter. Nationwide Fund Advisors now owns 412,883 shares of the oil and gas company’s stock worth $8,646,000 after purchasing an additional 99,714 shares during the period. Prudential Financial Inc. increased its stake in Patterson-UTI Energy by 15.1% in the 3rd quarter. Prudential Financial Inc. now owns 128,189 shares of the oil and gas company’s stock worth $2,684,000 after purchasing an additional 16,850 shares during the period. New York State Common Retirement Fund increased its stake in Patterson-UTI Energy by 4.7% in the 3rd quarter. New York State Common Retirement Fund now owns 1,179,300 shares of the oil and gas company’s stock worth $24,695,000 after purchasing an additional 53,473 shares during the period. Great West Life Assurance Co. Can increased its stake in Patterson-UTI Energy by 19.3% in the 3rd quarter. Great West Life Assurance Co. Can now owns 127,480 shares of the oil and gas company’s stock worth $2,654,000 after purchasing an additional 20,618 shares during the period. Finally, Legal & General Group Plc increased its stake in Patterson-UTI Energy by 15.9% in the 3rd quarter. Legal & General Group Plc now owns 271,342 shares of the oil and gas company’s stock worth $5,682,000 after purchasing an additional 37,166 shares during the period. 99.66% of the stock is currently owned by institutional investors and hedge funds.

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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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