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

Patterson-UTI Energy (NASDAQ:PTEN) released its quarterly earnings data on Wednesday. The oil and gas company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01), Briefing.com reports. Patterson-UTI Energy had a negative net margin of 1.92% and a negative return on equity of 1.67%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the company earned ($0.13) earnings per share. The firm’s revenue was up .7% on a year-over-year basis.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $10.17 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The firm has a fifty day moving average of $10.37 and a 200 day moving average of $9.92. The firm has a market cap of $3.86 billion, a PE ratio of -44.35 and a beta of 0.62. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $13.08.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.9%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -129.03%.

Analyst Upgrades and Downgrades

Several analysts recently commented on PTEN shares. Morgan Stanley raised their target price on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. Stifel Nicolaus upped their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Piper Sandler raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price target on the stock in a report on Tuesday, July 14th. Finally, The Goldman Sachs Group raised their price target on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.75.

Patterson-UTI Energy News Roundup

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: JPMorgan upgraded PTEN from “underweight” to “neutral” and set a $12 price target. The target implies meaningful upside from recent trading levels, suggesting the firm sees a more balanced risk-reward profile for the oilfield-services provider. JPMorgan upgrade details
• Positive Sentiment: Zacks Research raised its rating from “hold” to “strong buy,” adding to the positive analyst momentum surrounding the stock. Zacks rating details
• Positive Sentiment: Second-quarter revenue reached $1.23 billion, beating consensus expectations of $1.15 billion. Revenue increased slightly year over year, while the company’s loss narrowed substantially from the prior-year quarter’s $0.13-per-share loss. Patterson-UTI Q2 results
• Positive Sentiment: Management’s second-quarter commentary highlighted pricing power, which may support margins and earnings if demand for drilling and completion services remains resilient. Patterson-UTI Q2 call highlights
• Positive Sentiment: Patterson-UTI declared a quarterly dividend of $0.10 per share, reinforcing its shareholder-return commitment and representing an indicated yield of roughly 4.1% based on the cited share price.
• Neutral Sentiment: Adjusted earnings were reported as roughly break-even, ahead of the Zacks consensus estimate for a $0.03-per-share loss, although the company’s GAAP result was a $0.05-per-share loss. Patterson-UTI Q2 earnings report
• Negative Sentiment: GAAP EPS of negative $0.05 missed the consensus estimate of negative $0.04. The company also continues to report a negative net margin and negative return on equity, underscoring that profitability remains a concern despite improved revenue and a narrower loss. Patterson-UTI earnings results

Insider Buying and Selling at Patterson-UTI Energy

In other news, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at $4,834,868.81. The trade was a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $12.02, for a total transaction of $738,929.50. Following the transaction, the director owned 1,128,773 shares of the company’s stock, valued at approximately $13,567,851.46. This trade represents a 5.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 435,145 shares of company stock valued at $5,074,506. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors have recently made changes to their positions in PTEN. O Shaughnessy Asset Management LLC increased its position in Patterson-UTI Energy by 11.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after buying an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd lifted its position in shares of Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,547 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after acquiring an additional 1,915 shares in the last quarter. Summit Financial LLC boosted its stake in shares of Patterson-UTI Energy by 6.8% during the fourth quarter. Summit Financial LLC now owns 42,156 shares of the oil and gas company’s stock valued at $258,000 after acquiring an additional 2,690 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 42.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 9,846 shares of the oil and gas company’s stock valued at $60,000 after acquiring an additional 2,912 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.