Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Capital One Financial Corporation reduced their FY2018 earnings per share (EPS) estimates for Patterson-UTI Energy in a report issued on Monday. Capital One Financial Corporation analyst L. Lemoine now expects that the oil and gas company will earn ($0.19) per share for the year, down from their previous forecast of $0.25. Capital One Financial Corporation currently has a “Equal Weight” rating on the stock.

A number of other brokerages have also recently issued reports on PTEN. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, July 20th. BidaskClub raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Jefferies Group LLC set a $26.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. Deutsche Bank AG assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Zacks Investment Research raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $26.82.

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Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded up 0.91% during trading on Wednesday, hitting $21.14. 1,062,014 shares of the stock were exchanged. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $29.76. The firm’s market capitalization is $4.52 billion. The stock’s 50 day moving average price is $18.47 and its 200 day moving average price is $20.28.

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, topping analysts’ consensus estimates of ($0.30) by $0.09. The company had revenue of $579.00 million for the quarter, compared to analyst estimates of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. Patterson-UTI Energy’s revenue was up 198.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.58) earnings per share.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is presently -4.06%.

Several hedge funds and other institutional investors have recently made changes to their positions in PTEN. Riverhead Capital Management LLC boosted its holdings 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 acquiring an additional 4,653 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after acquiring an additional 1,089 shares during 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. boosted its holdings 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 acquiring an additional 780 shares during 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 currently owned by hedge funds and other institutional investors.

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 and Estimates for Patterson-UTI Energy (NASDAQ:PTEN)

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