Patterson-UTI Energy (NASDAQ:PTEN) Issues Quarterly Earnings Results

Patterson-UTI Energy (NASDAQ:PTEN) posted its quarterly earnings results on Wednesday. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03, FiscalAI reports. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Patterson-UTI Energy had a negative return on equity of 1.68% and a negative net margin of 1.92%.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $12.60 on Thursday. The business’s fifty day moving average is $11.85 and its 200 day moving average is $10.45. Patterson-UTI Energy has a 12-month low of $5.24 and a 12-month high of $13.39. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.81 billion, a P/E ratio of -54.78 and a beta of 0.77.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, December 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, EVP Seth Wexler sold 120,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the completion of the sale, the executive vice president directly owned 404,582 shares of the company’s stock, valued at $5,158,420.50. The trade was a 22.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James Stewart sold 207,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,027,000 shares of company stock worth $12,698,780. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Piper Sandler reiterated an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research note on Friday, July 31st. UBS Group initiated coverage on shares of Patterson-UTI Energy in a report on Friday, October 2nd. They issued a “neutral” rating and a $13.00 price target for the company. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Finally, Barclays lifted their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.14.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.