Brokers Set Expectations for Patterson-UTI Energy, Inc.’s Q1 2018 Earnings (PTEN)
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Jefferies Group issued their Q1 2018 earnings estimates for Patterson-UTI Energy in a report issued on Wednesday. Jefferies Group analyst B. Handler forecasts that the oil and gas company will post earnings of ($0.05) per share for the quarter. Jefferies Group has a “Buy” rating and a $26.00 price target on the stock. Jefferies Group also issued estimates for Patterson-UTI Energy’s Q2 2018 earnings at ($0.02) EPS, Q3 2018 earnings at $0.02 EPS, Q4 2018 earnings at $0.08 EPS and FY2018 earnings at $0.05 EPS.
Several other equities analysts have also recently issued reports on the company. Cowen and Company reiterated a “market perform” rating and issued a $20.00 price objective (down previously from $24.00) on shares of Patterson-UTI Energy in a research note on Friday, October 27th. Citigroup Inc. upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $21.00 to $19.00 in a research note on Wednesday, August 30th. Societe Generale assumed coverage on Patterson-UTI Energy in a research note on Thursday, August 31st. They set a “buy” rating and a $22.00 target price for the company. Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Wednesday, October 11th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $29.00 target price on shares of Patterson-UTI Energy in a research note on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $26.71.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded up $0.25 on Thursday, hitting $20.93. The stock had a trading volume of 245,475 shares, compared to its average volume of 4,448,687. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. Patterson-UTI Energy has a fifty-two week low of $14.83 and a fifty-two week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.04. The business had revenue of $684.99 million during the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The business’s quarterly revenue was up 232.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.58) EPS.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is presently -5.16%.
A number of large investors have recently added to or reduced their stakes in PTEN. PNC Financial Services Group Inc. lifted its holdings in Patterson-UTI Energy by 7.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after buying an additional 683 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Patterson-UTI Energy by 12.0% in the 1st quarter. Metropolitan Life Insurance Co. NY now owns 154,921 shares of the oil and gas company’s stock worth $3,760,000 after purchasing an additional 16,640 shares during the last quarter. Tudor Investment Corp ET AL lifted its holdings in shares of Patterson-UTI Energy by 60.3% in the 1st quarter. Tudor Investment Corp ET AL now owns 14,382 shares of the oil and gas company’s stock worth $349,000 after purchasing an additional 5,408 shares during the last quarter. Credit Suisse AG lifted its holdings in shares of Patterson-UTI Energy by 25.0% in the 1st quarter. Credit Suisse AG now owns 157,733 shares of the oil and gas company’s stock worth $3,828,000 after purchasing an additional 31,581 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $745,000. 95.00% of the stock is currently owned by institutional investors.
About Patterson-UTI Energy
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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