Brokerages forecast that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will post earnings per share (EPS) of ($0.28) for the current fiscal quarter, according to Zacks. Seven analysts have issued estimates for Patterson-UTI Energy’s earnings, with the lowest EPS estimate coming in at ($0.31) and the highest estimate coming in at ($0.23). Patterson-UTI Energy posted earnings of ($0.10) per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 180%. The firm is expected to report its next earnings results on Thursday, October 24th.

On average, analysts expect that Patterson-UTI Energy will report full year earnings of ($0.90) per share for the current fiscal year, with EPS estimates ranging from ($0.99) to ($0.80). For the next fiscal year, analysts anticipate that the business will report earnings of ($1.00) per share, with EPS estimates ranging from ($1.52) to $0.05. Zacks Investment Research’s EPS calculations 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 posted its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. The company had revenue of $675.77 million during the quarter, compared to analysts’ expectations of $670.28 million. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.71%. Patterson-UTI Energy’s revenue for the quarter was down 20.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) earnings per share.

A number of equities research analysts have commented on the stock. AltaCorp Capital restated an “outperform” rating on shares of Patterson-UTI Energy in a report on Thursday, June 20th. Credit Suisse Group reduced their price target on shares of Patterson-UTI Energy from $14.00 to $11.00 and set a “neutral” rating for the company in a report on Friday, July 26th. Seaport Global Securities set a $16.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Wednesday, September 4th. Piper Jaffray Companies reduced their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Finally, Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the stock. Patterson-UTI Energy presently has a consensus rating of “Hold” and an average price target of $14.43.

In other Patterson-UTI Energy news, Director Curtis W. Huff acquired 25,000 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were purchased at an average cost of $8.08 per share, with a total value of $202,000.00. Following the completion of the purchase, the director now owns 162,817 shares of the company’s stock, valued at $1,315,561.36. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Janeen S. Judah sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total transaction of $45,250.00. Following the completion of the transaction, the director now directly owns 27,023 shares in the company, valued at $244,558.15. The disclosure for this sale can be found here. 4.00% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund lifted its position in shares of Patterson-UTI Energy by 1.4% during the second quarter. Oregon Public Employees Retirement Fund now owns 86,723 shares of the oil and gas company’s stock valued at $998,000 after purchasing an additional 1,221 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Patterson-UTI Energy by 4.8% during the second quarter. Envestnet Asset Management Inc. now owns 30,518 shares of the oil and gas company’s stock valued at $351,000 after purchasing an additional 1,411 shares in the last quarter. FDx Advisors Inc. lifted its position in shares of Patterson-UTI Energy by 5.5% during the second quarter. FDx Advisors Inc. now owns 28,193 shares of the oil and gas company’s stock valued at $325,000 after purchasing an additional 1,477 shares in the last quarter. Ironwood Investment Management LLC lifted its position in shares of Patterson-UTI Energy by 16.3% during the first quarter. Ironwood Investment Management LLC now owns 13,490 shares of the oil and gas company’s stock valued at $189,000 after purchasing an additional 1,889 shares in the last quarter. Finally, Avestar Capital LLC lifted its position in shares of Patterson-UTI Energy by 11.8% during the second quarter. Avestar Capital LLC now owns 18,633 shares of the oil and gas company’s stock valued at $196,000 after purchasing an additional 1,973 shares in the last quarter. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:PTEN traded up $0.03 during trading hours on Tuesday, reaching $9.67. The company had a trading volume of 2,792,551 shares, compared to its average volume of 4,239,088. The company has a quick ratio of 1.76, a current ratio of 1.91 and a debt-to-equity ratio of 0.35. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -28.44 and a beta of 1.52. The business’s 50-day simple moving average is $9.07 and its two-hundred day simple moving average is $11.77. Patterson-UTI Energy has a twelve month low of $7.87 and a twelve month high of $18.39.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, September 5th were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend was Wednesday, September 4th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -47.06%.

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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