Brokerages expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report earnings per share of ($0.08) for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Patterson-UTI Energy’s earnings, with the lowest EPS estimate coming in at ($0.10) and the highest estimate coming in at ($0.07). Patterson-UTI Energy reported earnings per share of ($0.53) during the same quarter last year, which indicates a positive year-over-year growth rate of 84.9%. The company is expected to issue its next earnings results on Thursday, February 8th.

According to Zacks, analysts expect that Patterson-UTI Energy will report full year earnings of ($0.80) per share for the current fiscal year, with EPS estimates ranging from ($0.86) to ($0.74). For the next financial year, analysts forecast that the business will post earnings of ($0.06) per share, with EPS estimates ranging from ($0.54) to $0.90. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that follow Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTEN) last issued 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 firm had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. Patterson-UTI Energy’s revenue was up 232.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.58) EPS.

Several brokerages recently issued reports on PTEN. Cowen set a $24.00 price objective on shares of Patterson-UTI Energy and gave the company a “hold” rating in a report on Wednesday, October 18th. TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research note on Monday, December 4th. SunTrust Banks boosted their price target on shares of Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, December 6th. Deutsche Bank began coverage on shares of Patterson-UTI Energy in a research note on Tuesday, October 10th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $27.00.

Institutional investors have recently made changes to their positions in the company. Riverhead Capital Management LLC grew its position in shares of Patterson-UTI Energy by 86.2% during the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after buying an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Patterson-UTI Energy by 11.7% during the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after buying an additional 1,089 shares in the last quarter. Madden Advisory Services Inc. acquired a new position in shares of Patterson-UTI Energy during the second quarter worth about $236,000. Gluskin Sheff & Assoc Inc. grew its position in shares of Patterson-UTI Energy by 7.1% during the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after buying an additional 780 shares in the last quarter. Finally, Pacad Investment Ltd. acquired a new position in shares of Patterson-UTI Energy during the second quarter worth about $246,000. 97.71% of the stock is owned by institutional investors and hedge funds.

Shares of Patterson-UTI Energy (PTEN) traded up $0.82 on Wednesday, reaching $22.30. 2,822,646 shares of the company traded hands, compared to its average volume of 4,195,357. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is presently -5.16%.

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

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