Patterson-UTI Energy, Inc. (PTEN) to Post FY2017 Earnings of ($0.83) Per Share, SunTrust Banks Forecasts
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at SunTrust Banks upped their FY2017 earnings per share estimates for Patterson-UTI Energy in a research note issued on Tuesday. SunTrust Banks analyst K. Sill now expects that the oil and gas company will post earnings of ($0.83) per share for the year, up from their prior estimate of ($0.92). SunTrust Banks currently has a “Buy” rating and a $31.00 target price on the stock. SunTrust Banks also issued estimates for Patterson-UTI Energy’s Q4 2017 earnings at ($0.07) EPS, Q1 2018 earnings at ($0.07) EPS, Q2 2018 earnings at ($0.05) EPS, Q3 2018 earnings at ($0.01) EPS, Q4 2018 earnings at $0.03 EPS, FY2018 earnings at ($0.10) EPS, Q1 2019 earnings at $0.05 EPS, Q2 2019 earnings at $0.10 EPS, Q3 2019 earnings at $0.15 EPS and FY2019 earnings at $0.49 EPS.
Other analysts also recently issued reports about the stock. Citigroup raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the company from $21.00 to $19.00 in a research note on Wednesday, August 30th. Societe Generale started coverage on shares of Patterson-UTI Energy in a research note on Thursday, August 31st. They set a “buy” rating and a $22.00 target price on the stock. J P Morgan Chase & Co raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 target price on the stock in a research note on Tuesday, September 5th. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. Finally, Cowen reissued a “hold” rating and set a $24.00 target price on shares of Patterson-UTI Energy in a research note on Sunday, September 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $27.00.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The firm’s revenue was up 232.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.58) earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is presently -5.16%.
A number of large investors have recently modified their holdings of PTEN. Riverhead Capital Management LLC boosted its holdings in Patterson-UTI Energy by 86.2% during 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 period. PNC Financial Services Group Inc. boosted its holdings in Patterson-UTI Energy by 11.7% during 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 period. Madden Advisory Services Inc. bought a new stake in Patterson-UTI Energy during the second quarter valued at about $236,000. Gluskin Sheff & Assoc Inc. boosted its holdings in Patterson-UTI Energy by 7.1% during 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 period. Finally, Pacad Investment Ltd. bought a new stake in Patterson-UTI Energy during the second quarter valued at about $246,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.
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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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