Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Expected to Announce Quarterly Sales of $558.29 Million
Equities analysts expect that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will announce $558.29 million in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Patterson-UTI Energy’s earnings, with the highest sales estimate coming in at $561.03 million and the lowest estimate coming in at $556.65 million. Patterson-UTI Energy reported sales of $193.91 million during the same quarter last year, which indicates a positive year over year growth rate of 187.9%. The firm is expected to report its next quarterly earnings report before the market opens on Thursday, July 27th.
According to Zacks, analysts expect that Patterson-UTI Energy will report full-year sales of $558.29 million for the current fiscal year, with estimates ranging from $2.15 billion to $2.42 billion. For the next fiscal year, analysts expect that the firm will report sales of $3.58 billion per share, with estimates ranging from $3.10 billion to $4.14 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, April 27th. The oil and gas company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.02. The business had revenue of $305.20 million during the quarter, compared to the consensus estimate of $294.82 million. Patterson-UTI Energy had a negative net margin of 32.74% and a negative return on equity of 13.10%. Patterson-UTI Energy’s revenue was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.48) EPS.
A number of research firms recently issued reports on PTEN. Seaport Global Securities restated a “neutral” rating on shares of Patterson-UTI Energy in a report on Thursday, July 20th. Royal Bank Of Canada restated a “buy” rating and set a $29.00 price objective on shares of Patterson-UTI Energy in a report on Thursday, July 20th. BMO Capital Markets restated a “hold” rating and set a $23.00 price objective on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Piper Jaffray Companies restated a “neutral” rating and set a $20.50 price objective (down previously from $22.00) on shares of Patterson-UTI Energy in a report on Wednesday, July 12th. Finally, Cowen and Company restated a “hold” rating and set a $24.00 price objective 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 issued a hold rating and sixteen have given a buy rating to the stock. Patterson-UTI Energy currently has a consensus rating of “Hold” and an average target price of $27.54.
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Large investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its stake 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 in the last quarter. LS Investment Advisors LLC increased its stake 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 in the last quarter. First Mercantile Trust Co. bought a new stake in shares of Patterson-UTI Energy during the first quarter worth $263,000. Timber Hill LLC bought a new stake in shares of Patterson-UTI Energy during the first quarter worth $269,000. Finally, Capstone Asset Management Co. increased its stake 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 in the last quarter. 85.04% of the stock is currently owned by institutional investors and hedge funds.
Shares of Patterson-UTI Energy (PTEN) traded up 1.22% during mid-day trading on Wednesday, hitting $19.98. 2,960,059 shares of the company traded hands. The firm has a 50-day moving average of $20.22 and a 200-day moving average of $23.82. The stock’s market capitalization is $3.30 billion. Patterson-UTI Energy has a one year low of $17.61 and a one year high of $29.76.
About Patterson-UTI Energy
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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