Equities research analysts expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to announce ($0.21) earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Patterson-UTI Energy’s earnings, with estimates ranging from ($0.23) to ($0.19). Patterson-UTI Energy reported earnings of ($0.05) per share in the same quarter last year, which indicates a negative year-over-year growth rate of 320%. The company is expected to report its next quarterly earnings report before the market opens on Thursday, July 25th.

On average, analysts expect that Patterson-UTI Energy will report full year earnings of ($0.81) per share for the current fiscal year, with EPS estimates ranging from ($0.93) to ($0.65). For the next year, analysts forecast that the company will post earnings of ($0.58) per share, with EPS estimates ranging from ($1.12) to $0.17. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.07. The business had revenue of $704.17 million for the quarter, compared to analysts’ expectations of $694.10 million. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The company’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) EPS.

PTEN has been the topic of several recent research reports. ValuEngine cut shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. AltaCorp Capital reissued a “sector perform” rating on shares of STEP Energy Services in a research note on Thursday, June 20th. Wells Fargo & Co reissued a “buy” rating on shares of Helmerich & Payne in a research note on Thursday, June 27th. Raymond James set a $19.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, Royal Bank of Canada dropped their price objective on shares of Patterson-UTI Energy to $21.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company. Patterson-UTI Energy currently has a consensus rating of “Buy” and a consensus target price of $18.19.

PTEN remained flat at $$10.60 during trading on Thursday. 3,285,218 shares of the company’s stock traded hands, compared to its average volume of 3,865,903. The company has a quick ratio of 1.69, a current ratio of 1.82 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $2.21 billion, a P/E ratio of -31.18 and a beta of 1.43. The business’s fifty day moving average is $11.28. Patterson-UTI Energy has a 12 month low of $9.49 and a 12 month high of $18.39.

The business also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $0.16 annualized dividend and a dividend yield of 1.51%. Patterson-UTI Energy’s payout ratio is currently -47.06%.

Several hedge funds and other institutional investors have recently modified their holdings of PTEN. BlackRock Inc. lifted its holdings in Patterson-UTI Energy by 1.6% in the 4th quarter. BlackRock Inc. now owns 20,781,163 shares of the oil and gas company’s stock valued at $215,084,000 after purchasing an additional 320,994 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Patterson-UTI Energy by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock worth $99,202,000 after purchasing an additional 1,191,714 shares during the period. Macquarie Group Ltd. increased its holdings in shares of Patterson-UTI Energy by 37.1% in the fourth quarter. Macquarie Group Ltd. now owns 6,383,533 shares of the oil and gas company’s stock worth $66,069,000 after purchasing an additional 1,726,924 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Patterson-UTI Energy by 5.9% in the fourth quarter. Bank of New York Mellon Corp now owns 3,938,009 shares of the oil and gas company’s stock worth $40,757,000 after purchasing an additional 219,082 shares during the period. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Patterson-UTI Energy by 19.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 3,909,799 shares of the oil and gas company’s stock worth $40,467,000 after purchasing an additional 629,437 shares during the period. Institutional investors own 97.87% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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