Analysts Anticipate Patterson-UTI Energy, Inc. (PTEN) to Announce -$0.28 Earnings Per Share
Brokerages predict that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will report earnings per share of ($0.28) for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Patterson-UTI Energy’s earnings. The highest EPS estimate is ($0.14) and the lowest is ($0.32). Patterson-UTI Energy reported earnings per share of ($0.58) in the same quarter last year, which would suggest a positive year-over-year growth rate of 51.7%. The firm is expected to announce its next quarterly earnings results before the market opens on Thursday, July 27th.
According to Zacks, analysts expect that Patterson-UTI Energy will report full-year earnings of ($1.00) per share for the current financial year, with EPS estimates ranging from ($1.20) to ($0.77). For the next year, analysts forecast that the business will report earnings of ($0.06) per share, with EPS estimates ranging from ($0.55) to $0.55. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.44) by $0.02. The business had revenue of $305.20 million for the quarter, compared to analysts’ expectations of $294.82 million. Patterson-UTI Energy had a negative net margin of 32.74% and a negative return on equity of 13.10%. The business’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.48) earnings per share.
A number of analysts have recently issued reports on the company. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Saturday, June 24th. Piper Jaffray Companies reiterated a “neutral” rating and set a $20.50 target price (down previously from $22.00) on shares of Patterson-UTI Energy in a report on Wednesday, July 12th. BMO Capital Markets reiterated a “hold” rating and set a $23.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Seaport Global Securities reiterated a “neutral” rating on shares of Patterson-UTI Energy in a report on Thursday. Finally, Cowen and Company reiterated a “hold” rating and set a $24.00 target price on shares of Patterson-UTI Energy in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $27.54.
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Several large investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its position in shares of Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after buying an additional 683 shares during the last quarter. LS Investment Advisors LLC increased its position in shares of Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock worth $262,000 after buying an additional 754 shares during the last quarter. First Mercantile Trust Co. bought a new position in shares of Patterson-UTI Energy during the first quarter worth approximately $263,000. Timber Hill LLC bought a new position in shares of Patterson-UTI Energy during the first quarter worth approximately $269,000. Finally, Capstone Asset Management Co. increased its position in shares of Patterson-UTI Energy by 3.4% in the second quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock worth $282,000 after buying an additional 460 shares during the last quarter. 85.04% of the stock is currently owned by institutional investors and hedge funds.
Shares of Patterson-UTI Energy (PTEN) opened at 19.75 on Monday. The stock’s 50 day moving average is $20.34 and its 200 day moving average is $23.98. The firm’s market cap is $3.26 billion. Patterson-UTI Energy has a 12 month low of $17.61 and a 12 month high of $29.76.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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