Patterson-UTI Energy (PTEN) to Release Earnings on Wednesday

Patterson-UTI Energy (NASDAQ:PTEN) is scheduled to be posting its quarterly earnings results after the market closes on Wednesday, May 1st. Analysts expect Patterson-UTI Energy to post earnings of $0.13 per share for the quarter. Individual interested in registering for the company’s earnings conference call can do so using this link.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.50 billion. On average, analysts expect Patterson-UTI Energy to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $11.60 on Wednesday. The business’s 50-day moving average price is $11.73 and its two-hundred day moving average price is $11.61. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. Patterson-UTI Energy has a one year low of $9.70 and a one year high of $16.17. The company has a market capitalization of $4.68 billion, a P/E ratio of 11.49, a price-to-earnings-growth ratio of 1.66 and a beta of 2.22.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.08 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.32 dividend on an annualized basis and a yield of 2.76%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 31.68%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several recent analyst reports. Evercore ISI decreased their price target on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Royal Bank of Canada decreased their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Bank of America decreased their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research note on Monday, April 15th. Raymond James decreased their price target on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Finally, Susquehanna reiterated a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.17.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.