Patterson-UTI Energy, Inc. Expected to Post Q3 2017 Earnings of ($0.17) Per Share (PTEN)
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at SunTrust Banks issued their Q3 2017 EPS estimates for shares of Patterson-UTI Energy in a report issued on Tuesday. SunTrust Banks analyst K. Sill anticipates that the oil and gas company will earn ($0.17) per share for the quarter. SunTrust Banks currently has a “Buy” rating and a $25.00 target price on the stock. SunTrust Banks also issued estimates for Patterson-UTI Energy’s Q4 2017 earnings at ($0.12) EPS, FY2017 earnings at ($0.92) EPS, Q1 2018 earnings at ($0.13) EPS, Q2 2018 earnings at ($0.11) EPS, Q3 2018 earnings at ($0.08) EPS, Q4 2018 earnings at ($0.03) EPS and FY2018 earnings at ($0.35) EPS.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.09. The company had revenue of $579.00 million during the quarter, compared to the consensus estimate of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. Patterson-UTI Energy’s revenue was up 198.5% on a year-over-year basis. During the same period last year, the business posted ($0.58) earnings per share.
A number of other equities analysts have also weighed in on PTEN. BidaskClub lowered shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Royal Bank Of Canada set a $35.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Saturday, June 24th. BMO Capital Markets restated a “hold” rating and issued a $23.00 price objective on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Capital One Financial Corporation lowered shares of Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a report on Thursday, July 27th. Finally, Piper Jaffray Companies restated a “neutral” rating and issued a $20.50 price objective (down from $22.00) on shares of Patterson-UTI Energy in a report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $26.90.
Shares of Patterson-UTI Energy (NASDAQ PTEN) opened at 20.81 on Thursday. The company’s 50 day moving average price is $17.84 and its 200-day moving average price is $20.41. The stock’s market capitalization is $4.41 billion. Patterson-UTI Energy has a 12 month low of $14.83 and a 12 month high of $29.76.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.06%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 7.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after purchasing an additional 683 shares during the last quarter. Riverhead Capital Management LLC raised its position in shares of Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 4,653 shares in the last quarter. Madden Advisory Services Inc. purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at about $236,000. Gluskin Sheff & Assoc Inc. raised its position in shares of Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after buying an additional 780 shares in the last quarter. Finally, Pacad Investment Ltd. purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at about $246,000. 98.56% of the stock is owned by institutional investors and hedge funds.
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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