Research Analysts Set Expectations for Patterson-UTI Energy, Inc.’s FY2017 Earnings (PTEN)
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities research analysts at Gabelli upped their FY2017 earnings per share estimates for Patterson-UTI Energy in a research report issued to clients and investors on Monday. Gabelli analyst S. Wong now expects that the oil and gas company will post earnings of ($0.80) per share for the year, up from their prior estimate of ($0.95). Gabelli also issued estimates for Patterson-UTI Energy’s FY2018 earnings at ($0.25) EPS, FY2019 earnings at $0.30 EPS, FY2020 earnings at $0.85 EPS and FY2021 earnings at $1.35 EPS.
PTEN has been the topic of several other research reports. Cowen and Company set a $24.00 target price on shares of Patterson-UTI Energy and gave the company a “hold” rating in a research note on Wednesday, October 18th. UBS AG reaffirmed a “buy” rating and issued a $25.00 price objective (down previously from $35.00) on shares of Patterson-UTI Energy in a research note on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. Citigroup Inc. set a $24.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Thursday, October 5th. Finally, J P Morgan Chase & Co raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 price objective on the stock in a research note on Tuesday, September 5th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $26.71.
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Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.80%. The company had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. During the same period in the prior year, the business posted ($0.58) earnings per share. The firm’s revenue for the quarter was up 232.3% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -5.16%.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Riverhead Capital Management LLC lifted its stake 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 acquiring an additional 4,653 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Patterson-UTI Energy by 11.7% in the second 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. acquired a new stake in Patterson-UTI Energy in the second quarter valued at approximately $236,000. Gluskin Sheff & Assoc Inc. lifted its stake 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 acquiring an additional 780 shares during the last quarter. Finally, Pacad Investment Ltd. acquired a new stake in Patterson-UTI Energy in the second quarter valued at approximately $246,000. Hedge funds and other institutional investors own 98.70% 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.
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