Patterson-UTI Energy (PTEN) Announces Quarterly Earnings Results, Misses Estimates By $0.11 EPS
Patterson-UTI Energy (NASDAQ:PTEN) announced its earnings results on Thursday. The company reported $0.11 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.22 by $0.11, American Banking & Market News reports. The company had revenue of $659.00 million for the quarter, compared to the consensus estimate of $654.60 million.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 24.58 on Thursday. Patterson-UTI Energy has a 52-week low of $18.83 and a 52-week high of $26.09. The stock’s 50-day moving average is $25.21 and its 200-day moving average is $22.87. The company has a market cap of $3.507 billion and a P/E ratio of 15.90.
A number of analysts have recently weighed in on PTEN shares. Analysts at Guggenheim downgraded shares of Patterson-UTI Energy from a “neutral” rating to a “sell” rating in a research note to investors on Tuesday, January 28th. They now have a $19.00 price target on the stock, down previously from $24.00. On a related note, analysts at Zacks reiterated a “neutral” rating on shares of Patterson-UTI Energy in a research note to investors on Friday, January 24th. They now have a $27.00 price target on the stock. Finally, analysts at RBC Capital upgraded shares of Patterson-UTI Energy from a “sector perform” rating to an “outperform” rating in a research note to investors on Wednesday, January 8th. They now have a $29.00 price target on the stock, up previously from $25.00. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $25.17.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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