Capital One Financial Brokers Raise Earnings Estimates for Patterson-UTI Energy, Inc. (PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Capital One Financial increased their Q1 2018 earnings per share estimates for shares of Patterson-UTI Energy in a research note issued on Thursday. Capital One Financial analyst L. Lemoine now forecasts that the oil and gas company will earn ($0.08) per share for the quarter, up from their previous estimate of ($0.10). Capital One Financial also issued estimates for Patterson-UTI Energy’s Q2 2018 earnings at $0.01 EPS, Q3 2018 earnings at $0.08 EPS, Q4 2018 earnings at $0.09 EPS, FY2018 earnings at $0.10 EPS and FY2019 earnings at $0.48 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 5.07%. The company had revenue of $787.33 million for the quarter, compared to analyst estimates of $764.84 million. During the same quarter last year, the business earned ($0.53) EPS. The company’s revenue for the quarter was up 218.9% on a year-over-year basis.

Several other equities research analysts also recently issued reports on the stock. Cowen set a $24.00 price objective on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a research note on Wednesday, October 18th. 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 research note on Friday, October 27th. Zacks Investment Research downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Piper Jaffray Companies set a $24.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Finally, TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research note on Monday, December 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $26.84.

Patterson-UTI Energy (NASDAQ:PTEN) opened at $18.04 on Monday. Patterson-UTI Energy has a twelve month low of $14.83 and a twelve month high of $29.76. 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 capitalization of $4,010.00, a P/E ratio of -11.64 and a beta of 1.02.

Several hedge funds and other institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its holdings in shares of 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. Teton Advisors Inc. raised its holdings in shares of Patterson-UTI Energy by 2.7% in the fourth quarter. Teton Advisors Inc. now owns 84,839 shares of the oil and gas company’s stock valued at $1,952,000 after buying an additional 2,193 shares during the last quarter. Eqis Capital Management Inc. raised its holdings in shares of Patterson-UTI Energy by 12.4% in the fourth quarter. Eqis Capital Management Inc. now owns 20,497 shares of the oil and gas company’s stock valued at $472,000 after buying an additional 2,265 shares during the last quarter. World Asset Management Inc raised its holdings in shares of Patterson-UTI Energy by 22.5% in the third quarter. World Asset Management Inc now owns 15,096 shares of the oil and gas company’s stock valued at $316,000 after buying an additional 2,772 shares during the last quarter. Finally, LS Investment Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 22.5% in the third quarter. LS Investment Advisors LLC now owns 16,535 shares of the oil and gas company’s stock valued at $346,000 after buying an additional 3,038 shares during the last quarter. 98.46% of the stock is owned by institutional investors.

In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.60% of the stock is currently owned by company insiders.

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 issued a dividend of $0.02 per share. The ex-dividend date is Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.44%. Patterson-UTI Energy’s payout ratio is presently -5.16%.

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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.

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

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