Patterson-UTI Energy (NASDAQ:PTEN) released its earnings results on Thursday. The oil and gas company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02), Bloomberg Earnings reports. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business had revenue of $787.33 million for the quarter, compared to analyst estimates of $764.84 million. During the same period in the prior year, the company earned ($0.53) earnings per share. The firm’s revenue for the quarter was up 218.9% on a year-over-year basis.
Patterson-UTI Energy (NASDAQ:PTEN) traded down $2.63 on Thursday, reaching $19.20. 5,306,912 shares of the company’s stock traded hands, compared to its average volume of 3,353,492. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17. The firm has a market cap of $5,107.32, a PE ratio of -14.08 and a beta of 1.02. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.42%. Patterson-UTI Energy’s payout ratio is presently -5.16%.
A number of institutional investors and hedge funds have recently bought and sold shares of PTEN. PNC Financial Services Group Inc. increased its holdings in shares of 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 purchasing an additional 1,089 shares during the last quarter. Northern Trust Corp grew its stake in shares of Patterson-UTI Energy by 4.7% in the second quarter. Northern Trust Corp now owns 1,576,320 shares of the oil and gas company’s stock valued at $31,826,000 after acquiring an additional 71,331 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Patterson-UTI Energy by 1.3% in the second quarter. Parametric Portfolio Associates LLC now owns 390,835 shares of the oil and gas company’s stock valued at $7,891,000 after acquiring an additional 4,926 shares in the last quarter. Voya Investment Management LLC grew its stake in shares of Patterson-UTI Energy by 369.0% in the second quarter. Voya Investment Management LLC now owns 230,229 shares of the oil and gas company’s stock valued at $4,648,000 after acquiring an additional 181,143 shares in the last quarter. Finally, Balyasny Asset Management LLC grew its stake in shares of Patterson-UTI Energy by 132.7% in the second quarter. Balyasny Asset Management LLC now owns 144,880 shares of the oil and gas company’s stock valued at $2,925,000 after acquiring an additional 82,632 shares in the last quarter. Hedge funds and other institutional investors own 98.46% of the company’s stock.
PTEN has been the subject of several recent research reports. Zacks Investment Research raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Wednesday, October 11th. SunTrust Banks raised their price objective on shares of Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a report on Wednesday, December 6th. Credit Suisse Group raised their price objective on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. ValuEngine downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Finally, Cowen reaffirmed a “market perform” rating and set a $20.00 price objective (down from $24.00) on shares of Patterson-UTI Energy in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $27.42.
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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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