Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) – Piper Sandler boosted their Q4 2022 EPS estimates for shares of Patterson-UTI Energy in a report issued on Tuesday, April 12th. Piper Sandler analyst I. Macpherson now anticipates that the oil and gas company will post earnings per share of $0.03 for the quarter, up from their previous forecast of $0.02. Piper Sandler currently has a “Overweight” rating and a $20.00 price objective on the stock. Piper Sandler also issued estimates for Patterson-UTI Energy’s Q1 2023 earnings at $0.10 EPS.
Other research analysts also recently issued reports about the stock. StockNews.com assumed coverage on shares of Patterson-UTI Energy in a research report on Thursday, March 31st. They set a “sell” rating for the company. JPMorgan Chase & Co. upped their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 15th. Morgan Stanley upped their price objective on shares of Patterson-UTI Energy from $13.50 to $18.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Citigroup upped their price objective on shares of Patterson-UTI Energy from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, February 15th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Patterson-UTI Energy has a consensus rating of “Hold” and an average target price of $13.69.
Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last released its quarterly earnings data on Thursday, February 10th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.03). The business had revenue of $466.50 million for the quarter, compared to the consensus estimate of $436.38 million. Patterson-UTI Energy had a negative net margin of 48.23% and a negative return on equity of 21.30%. Patterson-UTI Energy’s revenue for the quarter was up 111.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.57) earnings per share.
A number of hedge funds and other institutional investors have recently made changes to their positions in PTEN. BlackRock Inc. grew its stake in shares of Patterson-UTI Energy by 13.7% in the 4th quarter. BlackRock Inc. now owns 34,992,772 shares of the oil and gas company’s stock valued at $295,690,000 after buying an additional 4,228,929 shares during the period. Van ECK Associates Corp grew its stake in shares of Patterson-UTI Energy by 9.9% in the 3rd quarter. Van ECK Associates Corp now owns 11,999,687 shares of the oil and gas company’s stock valued at $107,997,000 after buying an additional 1,076,397 shares during the period. Macquarie Group Ltd. grew its stake in shares of Patterson-UTI Energy by 4.6% in the 3rd quarter. Macquarie Group Ltd. now owns 9,929,045 shares of the oil and gas company’s stock valued at $89,361,000 after buying an additional 437,507 shares during the period. State Street Corp grew its stake in shares of Patterson-UTI Energy by 5.4% in the 4th quarter. State Street Corp now owns 8,136,559 shares of the oil and gas company’s stock valued at $68,754,000 after buying an additional 416,331 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Patterson-UTI Energy by 504.1% in the 4th quarter. JPMorgan Chase & Co. now owns 8,090,604 shares of the oil and gas company’s stock valued at $68,366,000 after buying an additional 6,751,253 shares during the period. 89.32% of the stock is owned by institutional investors.
In related news, EVP Kenneth N. Berns sold 58,860 shares of the company’s stock in a transaction dated Wednesday, March 23rd. The shares were sold at an average price of $15.37, for a total transaction of $904,678.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Charles Andrew Smith sold 17,213 shares of the company’s stock in a transaction dated Thursday, April 14th. The shares were sold at an average price of $17.67, for a total transaction of $304,153.71. Following the sale, the chief financial officer now directly owns 249,803 shares of the company’s stock, valued at approximately $4,414,019.01. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 526,380 shares of company stock valued at $8,184,957. Insiders own 3.00% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 17th. Investors of record on Thursday, March 3rd were given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend was Wednesday, March 2nd. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.02. Patterson-UTI Energy’s dividend payout ratio is -4.94%.
Patterson-UTI Energy Company Profile (Get Rating)
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.
- Get a free copy of the StockNews.com research report on Patterson-UTI Energy (PTEN)
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