Patterson-UTI Energy (PTEN) Set to Announce Quarterly Earnings on Thursday

Patterson-UTI Energy (NASDAQ:PTENGet Rating) will be announcing its earnings results before the market opens on Thursday, April 28th. Analysts expect the company to announce earnings of ($0.21) per share for the quarter. Investors interested in registering for the company’s conference call can do so using this link.

Patterson-UTI Energy (NASDAQ:PTENGet Rating) last released its quarterly earnings data on Thursday, February 10th. The oil and gas company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.03). Patterson-UTI Energy had a negative return on equity of 21.30% and a negative net margin of 48.23%. The firm had revenue of $466.50 million for the quarter, compared to the consensus estimate of $436.38 million. During the same period in the previous year, the business earned ($0.57) EPS. The firm’s revenue was up 111.3% compared to the same quarter last year. On average, analysts expect Patterson-UTI Energy to post $0 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Patterson-UTI Energy stock opened at $18.40 on Thursday. The company’s 50 day simple moving average is $15.23 and its 200 day simple moving average is $11.20. Patterson-UTI Energy has a fifty-two week low of $6.08 and a fifty-two week high of $18.72. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of -5.68 and a beta of 2.61. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.34 and a quick ratio of 1.24.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 17th. Investors of record on Thursday, March 3rd were paid a dividend of $0.04 per share. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.02. The ex-dividend date was Wednesday, March 2nd. This represents a $0.16 annualized dividend and a yield of 0.87%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.94%.

In other news, insider James Michael Holcomb sold 66,730 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, March 1st. The shares were sold at an average price of $14.09, for a total value of $940,225.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, March 17th. The shares were sold at an average price of $15.04, for a total transaction of $1,504,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 526,380 shares of company stock worth $8,184,957 over the last 90 days. Corporate insiders own 3.00% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Sei Investments Co. increased its holdings in Patterson-UTI Energy by 3.9% during the fourth quarter. Sei Investments Co. now owns 39,544 shares of the oil and gas company’s stock worth $298,000 after buying an additional 1,478 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Patterson-UTI Energy by 0.7% during the fourth quarter. Alliancebernstein L.P. now owns 553,895 shares of the oil and gas company’s stock worth $4,680,000 after buying an additional 4,061 shares during the last quarter. California State Teachers Retirement System increased its holdings in Patterson-UTI Energy by 2.1% during the fourth quarter. California State Teachers Retirement System now owns 265,699 shares of the oil and gas company’s stock worth $2,245,000 after buying an additional 5,436 shares during the last quarter. Royal Bank of Canada increased its holdings in Patterson-UTI Energy by 5.3% during the third quarter. Royal Bank of Canada now owns 112,015 shares of the oil and gas company’s stock worth $1,009,000 after buying an additional 5,595 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in Patterson-UTI Energy by 7.4% during the fourth quarter. Amalgamated Bank now owns 97,544 shares of the oil and gas company’s stock worth $824,000 after buying an additional 6,696 shares during the last quarter. Institutional investors and hedge funds own 89.32% of the company’s stock.

Several research analysts recently weighed in on PTEN shares. Morgan Stanley lifted 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 note on Monday, April 11th. Citigroup lifted 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 note on Tuesday, February 15th. Benchmark assumed coverage on shares of Patterson-UTI Energy in a report on Monday. They set a “buy” rating and a $21.00 target price on the stock. Piper Sandler raised their target price on shares of Patterson-UTI Energy from $14.50 to $20.00 and gave the stock an “overweight” rating in a report on Wednesday, April 13th. Finally, JPMorgan Chase & Co. raised their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock an “underweight” rating in a report on Tuesday, February 15th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Buy” and a consensus target price of $14.50.

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.

Further Reading

Earnings History for Patterson-UTI Energy (NASDAQ:PTEN)

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