Q3 2022 EPS Estimates for Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Boosted by Capital One Financial

Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) – Analysts at Capital One Financial raised their Q3 2022 earnings per share estimates for shares of Patterson-UTI Energy in a research note issued on Wednesday, April 27th. Capital One Financial analyst L. Lemoine now anticipates that the oil and gas company will earn $0.05 per share for the quarter, up from their previous estimate of $0.03.

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 (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.03). The business had revenue of $466.50 million for 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 quarterly revenue was up 111.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.57) earnings per share.

Other research analysts also recently issued reports about the stock. Piper Sandler upped their target price 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. Morgan Stanley upped their target price on shares of Patterson-UTI Energy from $13.50 to $18.00 and gave the company an “overweight” rating in a research note on Monday, April 11th. Benchmark initiated coverage on shares of Patterson-UTI Energy in a research note on Monday, April 18th. They issued a “buy” rating and a $21.00 target price for the company. Citigroup increased their price objective 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. Finally, JPMorgan Chase & Co. increased their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 15th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $14.50.

Shares of PTEN stock opened at $16.23 on Thursday. The company has a market capitalization of $3.49 billion, a PE ratio of -5.01 and a beta of 2.61. The firm has a fifty day simple moving average of $15.54 and a 200-day simple moving average of $11.45. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.53. Patterson-UTI Energy has a twelve month low of $6.41 and a twelve month high of $18.77.

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 17th. Shareholders of record on Thursday, March 3rd were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.99%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.02. The ex-dividend date was Wednesday, March 2nd. Patterson-UTI Energy’s dividend payout ratio is -4.94%.

In related news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the stock in a transaction dated Thursday, March 17th. The shares were sold at an average price of $15.04, for a total value of $1,504,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider James Michael Holcomb sold 66,730 shares of the stock in a transaction dated 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 have sold 526,380 shares of company stock worth $8,184,957 over the last three months. 3.00% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Patterson-UTI Energy during the 3rd quarter valued at about $1,933,000. Fisher Asset Management LLC increased its stake in Patterson-UTI Energy by 5,377.5% during the 4th quarter. Fisher Asset Management LLC now owns 942,901 shares of the oil and gas company’s stock valued at $7,968,000 after buying an additional 925,687 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Patterson-UTI Energy during the 4th quarter valued at about $55,647,000. Ensign Peak Advisors Inc increased its stake in Patterson-UTI Energy by 268.0% during the 3rd quarter. Ensign Peak Advisors Inc now owns 135,800 shares of the oil and gas company’s stock valued at $1,222,000 after buying an additional 98,900 shares during the period. Finally, Millennium Management LLC increased its stake in Patterson-UTI Energy by 812.3% during the 3rd quarter. Millennium Management LLC now owns 1,965,901 shares of the oil and gas company’s stock valued at $17,693,000 after buying an additional 1,750,410 shares during the period. 89.32% of the stock is currently owned by institutional investors and hedge funds.

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.

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

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