Wall Street brokerages expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to announce earnings per share of ($0.40) for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Patterson-UTI Energy’s earnings, with the highest EPS estimate coming in at ($0.35) and the lowest estimate coming in at ($0.44). Patterson-UTI Energy posted earnings per share of ($0.04) in the same quarter last year, which indicates a negative year-over-year growth rate of 900%. The business is scheduled to issue its next quarterly earnings report before the market opens on Thursday, February 6th.

According to Zacks, analysts expect that Patterson-UTI Energy will report full-year earnings of ($0.99) per share for the current fiscal year, with EPS estimates ranging from ($1.07) to ($0.94). For the next financial year, analysts expect that the business will post earnings of ($1.40) per share, with EPS estimates ranging from ($1.85) to ($1.00). Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.03. The business had revenue of $598.50 million during the quarter, compared to the consensus estimate of $604.66 million. Patterson-UTI Energy had a negative return on equity of 3.85% and a negative net margin of 19.50%. The firm’s quarterly revenue was down 31.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) earnings per share.

PTEN has been the subject of a number of research reports. Wolfe Research set a $11.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, October 25th. JPMorgan Chase & Co. cut Patterson-UTI Energy from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $7.00 to $6.00 in a research note on Friday, December 13th. Royal Bank of Canada set a $10.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, October 25th. Credit Suisse Group cut Patterson-UTI Energy from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $11.00 to $6.50 in a research note on Tuesday, December 3rd. Finally, Deutsche Bank assumed coverage on Patterson-UTI Energy in a research note on Wednesday, November 27th. They issued a “sell” rating and a $7.00 target price on the stock. Seven investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. Patterson-UTI Energy has a consensus rating of “Hold” and an average target price of $10.87.

In related news, Director Terry H. Hunt sold 5,900 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $10.49, for a total transaction of $61,891.00. Following the sale, the director now directly owns 91,670 shares of the company’s stock, valued at $961,618.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.00% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Man Group plc purchased a new stake in shares of Patterson-UTI Energy during the third quarter valued at $3,930,000. Squarepoint Ops LLC purchased a new stake in shares of Patterson-UTI Energy during the third quarter valued at $599,000. Voloridge Investment Management LLC purchased a new stake in shares of Patterson-UTI Energy during the third quarter valued at $565,000. Wealthsource Partners LLC boosted its position in shares of Patterson-UTI Energy by 57.0% during the third quarter. Wealthsource Partners LLC now owns 22,173 shares of the oil and gas company’s stock valued at $190,000 after buying an additional 8,048 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Patterson-UTI Energy during the third quarter valued at $147,000. 98.00% of the stock is currently owned by institutional investors.

PTEN traded up $0.05 during trading on Thursday, reaching $10.14. The stock had a trading volume of 4,057,805 shares, compared to its average volume of 2,824,748. The stock’s 50 day moving average is $9.99 and its two-hundred day moving average is $9.55. The company has a current ratio of 1.54, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -29.82 and a beta of 1.69. Patterson-UTI Energy has a one year low of $7.67 and a one year high of $16.27.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Investors of record on Thursday, December 5th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $0.16 annualized dividend and a dividend yield of 1.58%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.

Patterson-UTI Energy Company Profile

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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Earnings History and Estimates for Patterson-UTI Energy (NASDAQ:PTEN)

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