Brokerages Anticipate Patterson-UTI Energy, Inc. (PTEN) Will Announce Earnings of -$0.18 Per Share
Brokerages expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report earnings of ($0.18) per share for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Patterson-UTI Energy’s earnings. The lowest EPS estimate is ($0.21) and the highest is ($0.14). Patterson-UTI Energy reported earnings of ($0.58) per share during the same quarter last year, which would indicate a positive year over year growth rate of 69%. The company is scheduled to report its next earnings results before the market opens on Thursday, October 26th.
On average, analysts expect that Patterson-UTI Energy will report full-year earnings of ($0.90) per share for the current fiscal year, with EPS estimates ranging from ($1.02) to ($0.79). For the next year, analysts forecast that the company will post earnings of ($0.13) per share, with EPS estimates ranging from ($0.60) to $0.35. 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 released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The business had revenue of $579.00 million for the quarter, compared to the consensus estimate of $556.47 million. During the same period in the previous year, the company posted ($0.58) earnings per share. The company’s revenue for the quarter was up 198.5% compared to the same quarter last year.
Several research firms have commented on PTEN. BidaskClub downgraded 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 target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Saturday, June 24th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $25.00 price target (down from $33.00) on shares of Patterson-UTI Energy in a report on Tuesday. Citigroup Inc. set a $24.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Thursday. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $23.00 price target on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $27.14.
Large investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its position in 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 valued at $225,000 after purchasing an additional 683 shares during the period. Riverhead Capital Management LLC lifted its position in Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 4,653 shares during the period. Madden Advisory Services Inc. acquired a new stake in Patterson-UTI Energy in the second quarter valued at about $236,000. Gluskin Sheff & Assoc Inc. lifted its position in Patterson-UTI Energy by 7.1% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after purchasing an additional 780 shares during the period. Finally, Pacad Investment Ltd. acquired a new stake in Patterson-UTI Energy in the second quarter valued at about $246,000. Hedge funds and other institutional investors own 98.56% of the company’s stock.
Shares of Patterson-UTI Energy (PTEN) opened at 21.30 on Friday. The company’s market capitalization is $4.51 billion. The firm has a 50-day moving average price of $18.01 and a 200 day moving average price of $20.42. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.38%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -4.06%.
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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