Patterson-UTI Energy, Inc. to Post Q2 2021 Earnings of ($0.53) Per Share, Piper Sandler Forecasts (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Piper Sandler dropped their Q2 2021 EPS estimates for Patterson-UTI Energy in a research note issued on Wednesday, May 12th. Piper Sandler analyst I. Macpherson now forecasts that the oil and gas company will earn ($0.53) per share for the quarter, down from their previous estimate of ($0.51). Piper Sandler also issued estimates for Patterson-UTI Energy’s Q3 2021 earnings at ($0.49) EPS, Q4 2021 earnings at ($0.48) EPS, FY2021 earnings at ($2.07) EPS, Q1 2022 earnings at ($0.42) EPS, Q2 2022 earnings at ($0.37) EPS, Q4 2022 earnings at ($0.35) EPS and FY2022 earnings at ($1.47) EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 29th. The oil and gas company reported ($0.57) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by ($0.01). Patterson-UTI Energy had a negative net margin of 56.10% and a negative return on equity of 16.24%. The company had revenue of $241.00 million during the quarter, compared to the consensus estimate of $240.99 million. During the same period in the previous year, the business posted ($0.45) earnings per share. The firm’s revenue was down 46.0% on a year-over-year basis.

Several other research analysts also recently commented on the company. Morgan Stanley lifted their price target on Patterson-UTI Energy from $5.50 to $7.50 and gave the stock an “equal weight” rating in a research report on Wednesday, March 31st. Barclays raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $7.00 to $9.00 in a research report on Monday, May 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. Patterson-UTI Energy presently has a consensus rating of “Hold” and an average target price of $5.33.

Shares of PTEN stock opened at $8.98 on Monday. The stock’s 50 day simple moving average is $7.23 and its 200 day simple moving average is $6.24. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.89 and a current ratio of 2.02. Patterson-UTI Energy has a twelve month low of $2.38 and a twelve month high of $9.74. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -2.17 and a beta of 3.20.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 17th. Stockholders of record on Thursday, June 3rd will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Wednesday, June 2nd. Patterson-UTI Energy’s payout ratio is presently -8.08%.

Several large investors have recently made changes to their positions in PTEN. FMR LLC grew its holdings in shares of Patterson-UTI Energy by 98.8% during the 1st quarter. FMR LLC now owns 313,654 shares of the oil and gas company’s stock worth $4,397,000 after purchasing an additional 155,911 shares in the last quarter. Grace & White Inc. NY acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $256,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $308,000. WealthTrust Axiom LLC acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $62,000. Finally, US Bancorp DE boosted its stake in Patterson-UTI Energy by 29.2% in the 4th quarter. US Bancorp DE now owns 15,799 shares of the oil and gas company’s stock valued at $83,000 after buying an additional 3,571 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, and West Virginia.

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

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