DA Davidson Weighs in on Patterson-UTI Energy Inc.’s Q3 2016 Earnings (PTEN)
Patterson-UTI Energy Inc. (NASDAQ:PTEN) – Equities researchers at DA Davidson issued their Q3 2016 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a report released on Wednesday. DA Davidson analyst S. Randhawa anticipates that the firm will post earnings of ($0.60) per share for the quarter. DA Davidson currently has a “Buy” rating and a $26.00 price target on the stock. DA Davidson also issued estimates for Patterson-UTI Energy’s Q4 2016 earnings at ($0.58) EPS, Q1 2017 earnings at ($0.61) EPS, Q2 2017 earnings at ($0.58) EPS, Q3 2017 earnings at ($0.51) EPS, Q4 2017 earnings at ($0.43) EPS, FY2017 earnings at ($2.13) EPS and FY2018 earnings at ($0.99) EPS.
Several other brokerages also recently weighed in on PTEN. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, July 5th. Citigroup Inc. boosted their price objective on Patterson-UTI Energy from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday, July 13th. Jefferies Group upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and boosted their price objective for the company from $19.00 to $25.00 in a research report on Monday, July 11th. KLR Group reiterated a “hold” rating and issued a $29.00 price objective on shares of Patterson-UTI Energy in a research report on Friday, July 15th. Finally, Gabelli assumed coverage on Patterson-UTI Energy in a research report on Thursday, June 16th. They issued a “hold” rating for the company. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company’s stock. Patterson-UTI Energy currently has an average rating of “Hold” and an average target price of $19.64.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 18.78 on Monday. Patterson-UTI Energy has a 52 week low of $10.94 and a 52 week high of $22.12. The company’s market capitalization is $2.75 billion. The firm’s 50-day moving average price is $19.84 and its 200 day moving average price is $19.17.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.05. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. The business had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $193.19 million. During the same period last year, the business earned ($0.13) EPS. The business’s revenue was down 59.0% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Tuesday, September 6th. Patterson-UTI Energy’s payout ratio is currently -2.67%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. increased its position in shares of Patterson-UTI Energy by 22.8% in the first quarter. Meeder Asset Management Inc. now owns 38,580 shares of the company’s stock worth $679,000 after buying an additional 7,152 shares during the last quarter. State Street Corp increased its position in shares of Patterson-UTI Energy by 2.7% in the first quarter. State Street Corp now owns 4,101,000 shares of the company’s stock worth $72,263,000 after buying an additional 107,318 shares during the last quarter. Investec Asset Management LTD increased its position in shares of Patterson-UTI Energy by 108.7% in the first quarter. Investec Asset Management LTD now owns 1,713,477 shares of the company’s stock worth $30,191,000 after buying an additional 892,455 shares during the last quarter. Royce & Associates LP increased its position in shares of Patterson-UTI Energy by 10.0% in the first quarter. Royce & Associates LP now owns 55,000 shares of the company’s stock worth $969,000 after buying an additional 5,000 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Patterson-UTI Energy by 17.1% in the first quarter. JPMorgan Chase & Co. now owns 4,626,958 shares of the company’s stock worth $81,527,000 after buying an additional 675,106 shares during the last quarter.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
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