Patterson-UTI Energy (NASDAQ:PTEN) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Patterson-UTI Energy (NASDAQ:PTENGet Rating) issued its quarterly earnings data on Thursday. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.08, Briefing.com reports. The firm had revenue of $509.80 million for the quarter, compared to analyst estimates of $512.08 million. Patterson-UTI Energy had a negative net margin of 35.49% and a negative return on equity of 17.38%. Patterson-UTI Energy’s revenue was up 111.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.57) EPS.

PTEN traded down $1.00 on Friday, reaching $16.44. The company’s stock had a trading volume of 4,170,376 shares, compared to its average volume of 3,699,791. The stock has a 50 day moving average of $15.69 and a two-hundred day moving average of $11.56. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.24 and a current ratio of 1.34. Patterson-UTI Energy has a fifty-two week low of $6.44 and a fifty-two week high of $18.77.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 16th. Investors of record on Thursday, June 2nd will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Wednesday, June 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -5.71%.

Several brokerages recently issued reports on PTEN. JPMorgan Chase & Co. boosted their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company an “underweight” rating in a report on Tuesday, February 15th. Piper Sandler lifted their target price on Patterson-UTI Energy from $14.50 to $20.00 and gave the company an “overweight” rating in a research report on Wednesday, April 13th. Morgan Stanley lifted their target price on Patterson-UTI Energy from $13.50 to $18.00 and gave the company an “overweight” rating in a research report on Monday, April 11th. Citigroup boosted their price objective on Patterson-UTI Energy from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, February 15th. Finally, StockNews.com began coverage on Patterson-UTI Energy in a research report on Thursday, March 31st. They set a “sell” rating for the company. Two investment 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. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $14.50.

In other Patterson-UTI Energy news, CFO Charles Andrew Smith sold 17,213 shares of the business’s stock in a transaction that occurred on Thursday, April 14th. The stock was sold at an average price of $17.67, for a total value of $304,153.71. Following the completion of the sale, the chief financial officer now owns 249,803 shares in the company, valued at $4,414,019.01. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider James Michael Holcomb sold 66,730 shares of the business’s 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 disclosure for this sale can be found here. Insiders sold 526,380 shares of company stock valued at $8,184,957 over the last ninety days. 3.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sei Investments Co. lifted its stake in Patterson-UTI Energy by 3.9% in the fourth quarter. Sei Investments Co. now owns 39,544 shares of the oil and gas company’s stock valued at $298,000 after buying an additional 1,478 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of 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 purchasing an additional 4,061 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of 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 purchasing an additional 5,436 shares during the last quarter. Royal Bank of Canada raised its stake in shares of 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 purchasing an additional 5,595 shares during the last quarter. Finally, Amalgamated Bank raised its stake in shares of 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 purchasing an additional 6,696 shares during the last quarter. Institutional investors own 89.32% of the company’s stock.

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 for Patterson-UTI Energy (NASDAQ:PTEN)

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