Patterson-UTI Energy (NASDAQ:PTEN) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Patterson-UTI Energy (NASDAQ:PTEN) issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.04, Zacks reports. Patterson-UTI Energy had a negative net margin of 1.92% and a negative return on equity of 1.68%. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. The firm’s revenue was up .7% compared to the same quarter last year.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $12.42 on Tuesday. The company has a fifty day moving average price of $10.65 and a 200-day moving average price of $10.66. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of -54.00 and a beta of 0.66. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $13.31.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Insider Activity

In related news, CEO William Hendricks, Jr. sold 250,000 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.93, for a total transaction of $3,232,500.00. Following the transaction, the chief executive officer directly owned 2,292,474 shares in the company, valued at approximately $29,641,688.82. The trade was a 9.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Drummond Jr. sold 198,395 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the sale, the director owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. This trade represents a 17.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 777,000 shares of company stock valued at $9,721,280 in the last three months. 2.20% of the stock is owned by company insiders.

Institutional Trading of Patterson-UTI Energy

Several hedge funds have recently added to or reduced their stakes in the stock. Sourcerock Group LLC raised its holdings in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Patterson-UTI Energy by 110.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after purchasing an additional 5,551,276 shares in the last quarter. Millennium Management LLC grew its position in shares of Patterson-UTI Energy by 97.7% in the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock valued at $46,565,000 after purchasing an additional 4,442,700 shares in the last quarter. Holocene Advisors LP raised its stake in shares of Patterson-UTI Energy by 7,113.3% during the 2nd quarter. Holocene Advisors LP now owns 3,336,066 shares of the oil and gas company’s stock valued at $19,783,000 after purchasing an additional 3,289,817 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Patterson-UTI Energy by 444.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,020,212 shares of the oil and gas company’s stock valued at $17,910,000 after purchasing an additional 2,465,209 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

PTEN has been the subject of several research reports. Stifel Nicolaus lifted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Susquehanna boosted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target for the company in a research note on Friday, July 31st. Finally, Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.25.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.