Patterson-UTI Energy Shares Down 4.2% on Disappointing Earnings (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) shares traded down 4.2% on Thursday following a dissappointing earnings announcement, American Banking & Market News reports. The company traded as low as $31.96 and last traded at $32.07, with a volume of 3,272,013 shares traded. The stock had previously closed at $33.49.
The company reported $0.24 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.25 by $0.01. The company had revenue of $678.00 million for the quarter, compared to the consensus estimate of $679.52 million. During the same quarter last year, the company posted $0.38 earnings per share. Patterson-UTI Energy’s revenue was up 1.7% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, June 26th. Shareholders of record on Thursday, June 12th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.23%.
PTEN has been the subject of a number of recent research reports. Analysts at Barclays raised their price target on shares of Patterson-UTI Energy from $30.00 to $34.00 in a research note on Wednesday, April 16th. They now have an “overweight” rating on the stock. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, April 14th. They now have a $35.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Patterson-UTI Energy in a research note on Thursday, April 10th. They now have a $33.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Patterson-UTI Energy has a consensus rating of “Buy” and a consensus price target of $30.58.
The stock has a 50-day moving average of $30.8 and a 200-day moving average of $26.61. The company has a market cap of $4.631 billion and a price-to-earnings ratio of 26.16.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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