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

Patterson-UTI Energy (NASDAQ:PTEN) released its earnings results on Wednesday. The oil and gas company reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04, Zacks reports. Patterson-UTI Energy had a negative return on equity of 1.68% and a negative net margin of 1.92%.

Patterson-UTI Energy Trading Up 3.2%

PTEN stock traded up $0.39 during mid-day trading on Wednesday, reaching $12.60. The company’s stock had a trading volume of 6,125,107 shares, compared to its average volume of 9,446,668. The company has a market cap of $4.81 billion, a price-to-earnings ratio of -54.78 and a beta of 0.77. Patterson-UTI Energy has a 12 month low of $5.24 and a 12 month high of $13.39. The business’s 50 day moving average price is $11.84 and its 200 day moving average price is $10.43. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Insider Activity at Patterson-UTI Energy

In other news, CEO William Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $11.91, for a total value of $2,977,500.00. Following the completion of the sale, the chief executive officer directly owned 2,042,474 shares in the company, valued at $24,325,865.34. This trade represents a 10.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Drummond Jr. sold 198,395 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the transaction, the director owned 928,773 shares in the company, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,027,000 shares of company stock valued at $12,698,780 in the last ninety days. Insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PTEN shares. Citigroup reduced their price objective on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a research note on Friday, October 2nd. UBS Group started coverage on shares of Patterson-UTI Energy in a report on Friday, October 2nd. They set a “neutral” rating and a $13.00 price target on the stock. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Zacks Research downgraded Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Finally, JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price for the company in a research report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $13.14.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.