Patterson-UTI Energy (NASDAQ:PTEN) Releases Earnings Results, Misses Estimates By $0.01 EPS

Patterson-UTI Energy (NASDAQ:PTEN) issued its earnings results on Wednesday. The oil and gas company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01), Briefing.com reports. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.Patterson-UTI Energy’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.13) EPS.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN traded up $0.16 on Wednesday, reaching $9.33. The company’s stock had a trading volume of 9,926,417 shares, compared to its average volume of 10,246,322. The company has a 50-day simple moving average of $10.47 and a 200 day simple moving average of $9.88. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.08. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The company has a market cap of $3.54 billion, a P/E ratio of -30.10 and a beta of 0.62.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $12.02, for a total value of $738,929.50. Following the completion of the transaction, the director owned 1,128,773 shares of the company’s stock, valued at approximately $13,567,851.46. This trade represents a 5.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. The trade was a 26.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,007,844 shares of company stock worth $11,922,302. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Quarry LP raised its holdings in Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 3,862 shares during the period. EverSource Wealth Advisors LLC increased its position in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 7,171 shares during the last quarter. Aster Capital Management DIFC Ltd raised its stake in shares of Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,547 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of Patterson-UTI Energy by 42.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 9,846 shares of the oil and gas company’s stock worth $60,000 after acquiring an additional 2,912 shares during the last quarter. Finally, Qtron Investments LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter worth about $63,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target on the stock in a report on Monday, April 20th. Barclays upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $10.00 to $15.00 in a research report on Thursday, May 7th. Royal Bank Of Canada lifted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Citigroup cut their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a report on Monday, June 29th. Finally, KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.15.

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.