Patterson-UTI Energy, Inc. (PTEN) Expected to Post Earnings of -$0.08 Per Share

Analysts forecast that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will post earnings of ($0.08) per share for the current quarter, Zacks reports. Eight analysts have made estimates for Patterson-UTI Energy’s earnings. The highest EPS estimate is ($0.07) and the lowest is ($0.10). Patterson-UTI Energy reported earnings per share of ($0.53) during the same quarter last year, which suggests a positive year over year growth rate of 84.9%. The business is scheduled to report its next earnings report before the market opens on Thursday, February 8th.

On average, analysts expect that Patterson-UTI Energy will report full year earnings of ($0.80) per share for the current year, with EPS estimates ranging from ($0.85) to ($0.74). For the next fiscal year, analysts anticipate that the business will report earnings of $0.04 per share, with EPS estimates ranging from ($0.25) to $0.93. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The firm had revenue of $684.99 million for the quarter, compared to the consensus estimate of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business’s quarterly revenue was up 232.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.58) earnings per share.

PTEN has been the topic of several research analyst reports. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Wednesday, October 11th. Deutsche Bank initiated coverage on Patterson-UTI Energy in a research report on Tuesday, October 10th. They issued a “buy” rating and a $25.00 price target on the stock. Jefferies Group set a $26.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, October 5th. Citigroup set a $24.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, October 5th. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $25.00 price target (down from $33.00) on shares of Patterson-UTI Energy in a research report on Tuesday, October 3rd. Seven equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $27.40.

Patterson-UTI Energy (PTEN) opened at $24.35 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. The company has a market cap of $5,420.00, a price-to-earnings ratio of -15.71 and a beta of 1.08. Patterson-UTI Energy has a 1 year low of $14.83 and a 1 year high of $29.76.

In related news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.60% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue bought a new position in Patterson-UTI Energy during the fourth quarter worth about $283,000. Oakbrook Investments LLC bought a new position in Patterson-UTI Energy during the fourth quarter worth about $395,000. Fox Run Management L.L.C. bought a new position in Patterson-UTI Energy during the fourth quarter worth about $678,000. Schwab Charles Investment Management Inc. lifted its stake in Patterson-UTI Energy by 12.9% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 871,319 shares of the oil and gas company’s stock worth $20,050,000 after purchasing an additional 99,593 shares during the period. Finally, Creative Planning lifted its stake in Patterson-UTI Energy by 50.9% during the fourth quarter. Creative Planning now owns 194,332 shares of the oil and gas company’s stock worth $4,472,000 after purchasing an additional 65,534 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

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

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