Patterson-UTI Energy, Inc. (PTEN) Expected to Announce Quarterly Sales of $759.58 Million
Analysts expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to post $759.58 million in sales for the current fiscal quarter, according to Zacks. Eight analysts have made estimates for Patterson-UTI Energy’s earnings. The highest sales estimate is $777.00 million and the lowest is $715.00 million. Patterson-UTI Energy posted sales of $246.89 million during the same quarter last year, which suggests a positive year-over-year growth rate of 207.7%. The business is scheduled to report its next quarterly earnings report on Thursday, February 8th.
According to Zacks, analysts expect that Patterson-UTI Energy will report full-year sales of $759.58 million for the current financial year, with estimates ranging from $2.29 billion to $2.35 billion. For the next fiscal year, analysts anticipate that the business will report sales of $3.33 billion per share, with estimates ranging from $2.96 billion to $4.02 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.04. The business had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The company’s revenue was up 232.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.58) EPS.
PTEN has been the topic of several analyst reports. Jefferies Group set a $26.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. TheStreet upgraded Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research report on Monday, December 4th. Credit Suisse Group boosted their price target on Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Cowen restated a “hold” rating and issued a $24.00 price objective on shares of Patterson-UTI Energy in a report on Sunday, September 17th. Finally, Deutsche Bank began coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They issued a “buy” rating and a $25.00 price objective for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have assigned a buy rating to the stock. Patterson-UTI Energy currently has a consensus rating of “Buy” and a consensus price target of $27.00.
Patterson-UTI Energy (NASDAQ PTEN) opened at $22.97 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.
The business also recently announced a quarterly dividend, which was paid on Thursday, December 21st. Investors of record on Thursday, December 7th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is currently -5.16%.
Several hedge funds have recently modified their holdings of PTEN. Rubric Capital Management LP bought a new stake in shares of Patterson-UTI Energy in the third quarter valued at approximately $16,605,000. Wealthsource Partners LLC acquired a new position in shares of Patterson-UTI Energy during the third quarter worth $322,000. Tortoise Capital Advisors L.L.C. increased its holdings in Patterson-UTI Energy by 10.6% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 84,875 shares of the oil and gas company’s stock valued at $1,777,000 after purchasing an additional 8,142 shares during the period. GeoSphere Capital Management increased its holdings in Patterson-UTI Energy by 208.5% in the third quarter. GeoSphere Capital Management now owns 140,000 shares of the oil and gas company’s stock valued at $2,932,000 after purchasing an additional 94,620 shares during the period. Finally, Ameritas Investment Partners Inc. increased its holdings in Patterson-UTI Energy by 92.6% in the third quarter. Ameritas Investment Partners Inc. now owns 94,433 shares of the oil and gas company’s stock valued at $1,733,000 after purchasing an additional 45,400 shares during the period. Institutional investors and hedge funds own 97.71% of the company’s stock.
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About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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