Zacks: Brokerages Anticipate Patterson-UTI Energy, Inc. (PTEN) to Announce -$0.09 EPS
Wall Street analysts expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to post earnings of ($0.09) per share for the current fiscal quarter, Zacks reports. Eight analysts have provided estimates for Patterson-UTI Energy’s earnings. The highest EPS estimate is ($0.07) and the lowest is ($0.12). Patterson-UTI Energy posted earnings per share of ($0.53) in the same quarter last year, which would indicate a positive year-over-year growth rate of 83%. The company is scheduled to announce its next quarterly earnings results on Thursday, February 8th.
On average, analysts expect that Patterson-UTI Energy will report full year earnings of ($0.81) per share for the current year, with EPS estimates ranging from ($0.92) to ($0.74). For the next fiscal year, analysts anticipate that the business will report earnings of ($0.10) per share, with EPS estimates ranging from ($0.54) to $0.90. Zacks’ EPS 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 earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The firm had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. During the same period last year, the firm earned ($0.58) EPS. The company’s quarterly revenue was up 232.3% on a year-over-year basis.
Several research firms recently issued reports on PTEN. Piper Jaffray Companies set a $24.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Tuesday, October 31st. Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Tuesday, October 31st. Credit Suisse Group lifted their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. Cowen reiterated a “market perform” rating and issued a $20.00 price objective (down from $24.00) on shares of Patterson-UTI Energy in a report on Friday, October 27th. 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 on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $26.71.
Patterson-UTI Energy (NASDAQ PTEN) traded down $0.14 during trading hours on Friday, hitting $21.84. The stock had a trading volume of 4,690,800 shares, compared to its average volume of 4,253,697. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -5.16%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its stake in Patterson-UTI Energy by 60.9% in the 2nd quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after purchasing an additional 1,205,084 shares in the last quarter. Federated Investors Inc. PA raised its position in shares of Patterson-UTI Energy by 9.9% during the 2nd quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock valued at $2,779,000 after buying an additional 12,454 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Patterson-UTI Energy by 14.1% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock valued at $5,474,000 after buying an additional 32,293 shares during the period. Scout Investments Inc. raised its position in shares of Patterson-UTI Energy by 101.7% during the 2nd quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock valued at $21,182,000 after buying an additional 529,023 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Patterson-UTI Energy by 59.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock valued at $66,229,000 after buying an additional 1,228,607 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Patterson-UTI Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.