Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Expected to Announce Earnings of -$0.21 Per Share

Wall Street analysts forecast that Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) will report earnings of ($0.21) per share for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Patterson-UTI Energy’s earnings, with the highest EPS estimate coming in at ($0.19) and the lowest estimate coming in at ($0.23). Patterson-UTI Energy posted earnings per share of ($0.57) during the same quarter last year, which indicates a positive year over year growth rate of 63.2%. The business is expected to issue its next quarterly earnings report before the market opens on Monday, January 1st.

According to Zacks, analysts expect that Patterson-UTI Energy will report full year earnings of ($0.25) per share for the current year, with EPS estimates ranging from ($0.53) to ($0.06). For the next financial year, analysts anticipate that the business will post earnings of $0.53 per share, with EPS estimates ranging from $0.01 to $0.86. Zacks’ earnings per share averages are an average based on a survey of research firms that follow Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTENGet Rating) last announced its quarterly earnings results 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). The business had revenue of $466.50 million during the quarter, compared to analysts’ expectations of $436.38 million. Patterson-UTI Energy had a negative return on equity of 21.30% and a negative net margin of 48.23%. Patterson-UTI Energy’s revenue for the quarter was up 111.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.57) EPS.

Several research analysts recently commented on the stock. Benchmark assumed coverage on shares of Patterson-UTI Energy in a research note on Monday. They set a “buy” rating and a $21.00 price objective for the company. JPMorgan Chase & Co. boosted 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 note on Tuesday, February 15th. StockNews.com began coverage on shares of Patterson-UTI Energy in a research note on Thursday, March 31st. They set a “sell” rating on the stock. Piper Sandler upped their price target on shares of Patterson-UTI Energy from $14.50 to $20.00 and gave the company an “overweight” rating in a research note on Wednesday, April 13th. Finally, Citigroup upped their price target on shares of Patterson-UTI Energy from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, February 15th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $14.50.

In related news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the stock in a transaction 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider James Michael Holcomb sold 66,730 shares of the stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $14.09, for a total transaction of $940,225.70. The disclosure for this sale can be found here. Insiders sold a total of 526,380 shares of company stock worth $8,184,957 over the last ninety days. Insiders own 3.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Oregon Public Employees Retirement Fund raised its position in shares of Patterson-UTI Energy by 0.9% in the first quarter. Oregon Public Employees Retirement Fund now owns 81,385 shares of the oil and gas company’s stock valued at $1,260,000 after buying an additional 726 shares during the last quarter. Advisor Group Holdings Inc. increased its position in Patterson-UTI Energy by 38.3% during the fourth quarter. Advisor Group Holdings Inc. now owns 4,849 shares of the oil and gas company’s stock worth $41,000 after purchasing an additional 1,342 shares during the last quarter. HighTower Advisors LLC increased its position in Patterson-UTI Energy by 5.0% during the third quarter. HighTower Advisors LLC now owns 30,788 shares of the oil and gas company’s stock worth $277,000 after purchasing an additional 1,458 shares during the last quarter. Sei Investments Co. increased its position 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 purchasing an additional 1,478 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its position in Patterson-UTI Energy by 8.2% during the third quarter. Commonwealth Equity Services LLC now owns 20,054 shares of the oil and gas company’s stock worth $180,000 after purchasing an additional 1,512 shares during the last quarter. Institutional investors and hedge funds own 89.32% of the company’s stock.

Shares of NASDAQ PTEN traded down $0.73 during trading hours on Thursday, hitting $17.67. 4,565,164 shares of the stock were exchanged, compared to its average volume of 3,956,855. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 0.53. The company has a market cap of $3.80 billion, a PE ratio of -5.45 and a beta of 2.61. The firm has a fifty day moving average price of $15.23 and a 200-day moving average price of $11.20. Patterson-UTI Energy has a 12 month low of $6.08 and a 12 month high of $18.77.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 17th. Stockholders of record on Thursday, March 3rd were issued a $0.04 dividend. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.02. This represents a $0.16 annualized dividend and a dividend yield of 0.91%. The ex-dividend date was Wednesday, March 2nd. Patterson-UTI Energy’s dividend payout ratio is -4.94%.

About Patterson-UTI Energy (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.

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

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