Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced its quarterly earnings data on Thursday. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.09, MarketWatch Earnings reports. Patterson-UTI Energy had a negative return on equity of 13.10% and a negative net margin of 32.74%. The business had revenue of $579 million for the quarter, compared to analysts’ expectations of $556.47 million. During the same period in the previous year, the business posted ($0.58) EPS. The firm’s quarterly revenue was up 198.5% compared to the same quarter last year.

Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded down 1.62% during mid-day trading on Thursday, reaching $19.43. The company’s stock had a trading volume of 7,631,539 shares. The company’s market cap is $3.20 billion. Patterson-UTI Energy has a 52-week low of $17.61 and a 52-week high of $29.76. The company has a 50-day moving average price of $20.12 and a 200 day moving average price of $23.72.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.41%. Patterson-UTI Energy’s dividend payout ratio is currently -3.83%.

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A number of equities research analysts recently issued reports on the company. BMO Capital Markets restated a “hold” rating and issued a $28.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, April 13th. Instinet upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $26.00 to $31.00 in a research note on Wednesday, April 5th. Nomura upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 5th. Tudor Pickering upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Monday, April 3rd. Finally, Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research note on Thursday, April 27th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have given a buy rating to the stock. Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus target price of $27.54.

A number of institutional investors have recently added to or reduced their stakes in PTEN. BlackRock Inc. boosted its position in Patterson-UTI Energy by 11,291.0% in the first quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock valued at $350,991,000 after buying an additional 14,334,961 shares in the last quarter. Vanguard Group Inc. boosted its position in Patterson-UTI Energy by 14.4% in the first quarter. Vanguard Group Inc. now owns 13,645,829 shares of the oil and gas company’s stock valued at $331,184,000 after buying an additional 1,719,414 shares in the last quarter. Van ECK Associates Corp boosted its position in Patterson-UTI Energy by 5.2% in the first quarter. Van ECK Associates Corp now owns 8,988,169 shares of the oil and gas company’s stock valued at $218,143,000 after buying an additional 442,699 shares in the last quarter. Wells Fargo & Company MN boosted its position in Patterson-UTI Energy by 8.3% in the first quarter. Wells Fargo & Company MN now owns 6,150,343 shares of the oil and gas company’s stock valued at $149,267,000 after buying an additional 468,960 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in Patterson-UTI Energy by 51.8% in the first quarter. Jennison Associates LLC now owns 5,801,622 shares of the oil and gas company’s stock valued at $140,805,000 after buying an additional 1,979,263 shares in the last quarter. Institutional investors and hedge funds own 85.04% of the company’s stock.

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.

Earnings History for Patterson-UTI Energy (NASDAQ:PTEN)

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