Brokerages expect that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will announce sales of $674.77 million for the current quarter, Zacks reports. Eight analysts have issued estimates for Patterson-UTI Energy’s earnings, with estimates ranging from $667.60 million to $679.35 million. Patterson-UTI Energy posted sales of $854.42 million during the same quarter last year, which would indicate a negative year over year growth rate of 21%. The company is scheduled to report its next earnings report on Thursday, July 25th.
On average, analysts expect that Patterson-UTI Energy will report full year sales of $2.77 billion for the current financial year, with estimates ranging from $2.71 billion to $2.91 billion. For the next fiscal year, analysts expect that the business will report sales of $3.08 billion, with estimates ranging from $2.85 billion to $3.74 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that follow Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The firm had revenue of $704.17 million during the quarter, compared to analyst estimates of $694.10 million. During the same quarter in the prior year, the business posted ($0.16) EPS. The business’s revenue was down 13.0% compared to the same quarter last year.
Several analysts have recently issued reports on the stock. Bank of America reiterated a “buy” rating and issued a $14.00 target price (down previously from $20.00) on shares of Patterson-UTI Energy in a research note on Tuesday. AltaCorp Capital reissued an “outperform” rating on shares of Patterson-UTI Energy in a report on Thursday, June 20th. Royal Bank of Canada cut their price target on shares of Patterson-UTI Energy to $21.00 and set an “outperform” rating on the stock in a report on Tuesday, June 18th. BidaskClub raised shares of Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 18th. Finally, ValuEngine downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $18.79.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTEN. Captrust Financial Advisors purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth about $25,000. Parallel Advisors LLC lifted its holdings in shares of Patterson-UTI Energy by 129.0% in the first quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock worth $33,000 after buying an additional 1,342 shares in the last quarter. Penserra Capital Management LLC lifted its holdings in shares of Patterson-UTI Energy by 112.3% in the fourth quarter. Penserra Capital Management LLC now owns 10,064 shares of the oil and gas company’s stock worth $103,000 after buying an additional 5,324 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of Patterson-UTI Energy in the first quarter worth about $120,000. Finally, Scotia Capital Inc. purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth about $121,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ PTEN traded down $0.19 during trading on Thursday, hitting $11.82. The stock had a trading volume of 2,959,262 shares, compared to its average volume of 3,916,579. Patterson-UTI Energy has a 12 month low of $9.49 and a 12 month high of $19.29. The company has a quick ratio of 1.69, a current ratio of 1.82 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $2.50 billion, a P/E ratio of -34.76 and a beta of 1.43. The company’s fifty day moving average price is $11.64.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Wednesday, June 5th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
Patterson-UTI Energy Company Profile
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 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, West Virginia, and western Canada.
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