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

Patterson-UTI Energy (NASDAQ:PTEN) announced its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02), Bloomberg Earnings reports. Patterson-UTI Energy had a negative return on equity of 5.07% and a net margin of 0.25%. The business had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. During the same period last year, the company posted ($0.53) earnings per share. The firm’s revenue for the quarter was up 218.9% on a year-over-year basis.

Shares of Patterson-UTI Energy (NASDAQ PTEN) traded up $0.50 during mid-day trading on Thursday, hitting $18.30. 5,595,600 shares of the stock traded hands, compared to its average volume of 4,219,159. 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 twelve month low of $14.83 and a twelve month high of $28.73. The company has a market capitalization of $3,959.51, a PE ratio of -130.71 and a beta of 1.02.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.08 annualized dividend and a dividend yield of 0.44%. Patterson-UTI Energy’s payout ratio is -57.14%.

A number of brokerages recently weighed in on PTEN. BMO Capital Markets raised shares of Patterson-UTI Energy from a “market perform” rating to a “buy” rating in a research report on Wednesday. BidaskClub cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday. Seaport Global Securities reaffirmed a “hold” rating and set a $24.00 price target on shares of Patterson-UTI Energy in a research report on Monday. Deutsche Bank decreased their price target on shares of Patterson-UTI Energy from $26.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, February 9th. Finally, Jefferies Group set a $25.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, February 9th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Patterson-UTI Energy has a consensus rating of “Buy” and a consensus price target of $26.28.

In other news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.60% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. MetLife Investment Advisors LLC bought a new position in shares of Patterson-UTI Energy during the fourth quarter worth about $3,686,000. Castleark Management LLC raised its stake in Patterson-UTI Energy by 40.2% during the fourth quarter. Castleark Management LLC now owns 586,795 shares of the oil and gas company’s stock worth $13,502,000 after acquiring an additional 168,165 shares during the period. Jane Street Group LLC raised its stake in Patterson-UTI Energy by 266.0% during the fourth quarter. Jane Street Group LLC now owns 89,289 shares of the oil and gas company’s stock worth $2,055,000 after acquiring an additional 64,890 shares during the period. Verition Fund Management LLC acquired a new stake in Patterson-UTI Energy during the fourth quarter worth about $474,000. Finally, LPL Financial LLC raised its stake in Patterson-UTI Energy by 91.2% during the fourth quarter. LPL Financial LLC now owns 19,679 shares of the oil and gas company’s stock worth $453,000 after acquiring an additional 9,388 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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Patterson-UTI Energy Company Profile

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.

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

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