Patterson-UTI Energy, Inc. (PTEN) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) posted its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.09, MarketWatch Earnings reports. Patterson-UTI Energy had a negative return on equity of 11.28% and a negative net margin of 23.78%. The business had revenue of $579 million during the quarter, compared to the consensus estimate of $556.47 million. During the same period in the previous year, the business earned ($0.58) EPS. The business’s quarterly revenue was up 198.5% on a year-over-year basis.
Patterson-UTI Energy (PTEN) opened at 18.32 on Tuesday. The firm’s 50 day moving average price is $20.03 and its 200-day moving average price is $23.44. Patterson-UTI Energy has a 52 week low of $18.12 and a 52 week high of $29.76. The stock’s market cap is $3.02 billion.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is presently -4.06%.
A number of large investors have recently modified their holdings of the stock. FMR LLC increased its stake in shares of Patterson-UTI Energy by 179.4% in the fourth quarter. FMR LLC now owns 377,812 shares of the oil and gas company’s stock valued at $10,171,000 after buying an additional 242,581 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Patterson-UTI Energy by 158.6% in the fourth quarter. Renaissance Technologies LLC now owns 34,238 shares of the oil and gas company’s stock valued at $922,000 after buying an additional 21,000 shares during the last quarter. Quadrature Capital Ltd increased its stake in shares of Patterson-UTI Energy by 440.5% in the fourth quarter. Quadrature Capital Ltd now owns 60,880 shares of the oil and gas company’s stock valued at $1,639,000 after buying an additional 49,617 shares during the last quarter. Creative Planning increased its stake in shares of Patterson-UTI Energy by 7,521.7% in the first quarter. Creative Planning now owns 37,575 shares of the oil and gas company’s stock valued at $912,000 after buying an additional 37,082 shares during the last quarter. Finally, Capstone Asset Management Co. increased its stake in shares of Patterson-UTI Energy by 7.3% in the first quarter. Capstone Asset Management Co. now owns 13,494 shares of the oil and gas company’s stock valued at $327,000 after buying an additional 920 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on PTEN. UBS AG reissued a “buy” rating and issued a $25.00 target price (down from $35.00) on shares of Patterson-UTI Energy in a report on Monday, July 31st. They noted that the move was a valuation call. Jefferies Group LLC set a $26.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a report on Saturday, July 29th. Capital One Financial Corporation downgraded Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a report on Thursday, July 27th. Piper Jaffray Companies set a $22.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, July 27th. Finally, BidaskClub downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $26.84.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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