Equities Analysts Set Expectations for Patterson-UTI Energy, Inc.’s Q1 2018 Earnings (PTEN)
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Capital One Financial upped their Q1 2018 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research report issued on Thursday. Capital One Financial analyst L. Lemoine now anticipates that the oil and gas company will earn ($0.08) per share for the quarter, up from their prior forecast of ($0.10). Capital One Financial also issued estimates for Patterson-UTI Energy’s Q2 2018 earnings at $0.01 EPS, Q3 2018 earnings at $0.08 EPS, Q4 2018 earnings at $0.09 EPS, FY2018 earnings at $0.10 EPS and FY2019 earnings at $0.48 EPS.
A number of other analysts also recently issued reports on the company. BidaskClub downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday. Seaport Global Securities reissued a “hold” rating and issued a $24.00 target price on shares of Patterson-UTI Energy in a report on Monday. BMO Capital Markets set a $24.00 target price on Patterson-UTI Energy and gave the company a “hold” rating in a report on Friday, February 9th. Deutsche Bank reduced their target price on Patterson-UTI Energy from $26.00 to $25.00 and set a “buy” rating for the company in a report on Friday, February 9th. Finally, Jefferies Group set a $25.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, February 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $27.00.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). The business had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. Patterson-UTI Energy had a negative return on equity of 5.07% and a net margin of 0.25%. The firm’s quarterly revenue was up 218.9% on a year-over-year basis. During the same period last year, the firm earned ($0.53) earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Wednesday, March 7th. Patterson-UTI Energy’s payout ratio is currently -61.54%.
In related news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.60% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the business. Centenus Global Management LP purchased a new position in shares of Patterson-UTI Energy during the 4th quarter worth $9,204,000. Koch Industries Inc. purchased a new position in shares of Patterson-UTI Energy during the 4th quarter worth $251,000. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Patterson-UTI Energy by 26.8% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,896,908 shares of the oil and gas company’s stock worth $43,648,000 after purchasing an additional 400,673 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Patterson-UTI Energy by 1.1% during the 4th quarter. Alliancebernstein L.P. now owns 1,493,056 shares of the oil and gas company’s stock worth $34,355,000 after purchasing an additional 16,420 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Patterson-UTI Energy by 13.6% during the 4th quarter. Geode Capital Management LLC now owns 2,013,041 shares of the oil and gas company’s stock worth $46,320,000 after purchasing an additional 240,671 shares during the period. 97.79% of the stock is currently owned by institutional investors.
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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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