Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Seaport Global Securities upped their Q1 2018 EPS estimates for Patterson-UTI Energy in a research report issued to clients and investors on Monday. Seaport Global Securities analyst S. Randhawa now anticipates that the oil and gas company will earn ($0.07) per share for the quarter, up from their previous estimate of ($0.09). Seaport Global Securities has a “Hold” rating and a $24.00 price objective on the stock. Seaport Global Securities also issued estimates for Patterson-UTI Energy’s Q2 2018 earnings at ($0.05) EPS, Q3 2018 earnings at $0.01 EPS, FY2018 earnings at ($0.12) EPS, Q1 2019 earnings at $0.00 EPS, Q2 2019 earnings at $0.02 EPS, Q4 2019 earnings at $0.04 EPS and FY2019 earnings at $0.13 EPS.
PTEN has been the topic of a number of other research reports. SunTrust Banks lifted their target price on Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, December 6th. Credit Suisse Group lifted their target price on Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Tuesday, October 31st. ValuEngine cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. Finally, Scotia Howard Weill upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research report on Friday, January 12th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. Patterson-UTI Energy presently has a consensus rating of “Buy” and an average price target of $27.00.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a negative return on equity of 5.07% and a net margin of 0.25%. The firm had revenue of $787.33 million for the quarter, compared to analyst estimates of $764.84 million. During the same quarter last year, the firm posted ($0.53) EPS. The firm’s revenue for the quarter was up 218.9% on a year-over-year basis.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA increased its position in Patterson-UTI Energy by 14.1% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock worth $5,474,000 after purchasing an additional 32,293 shares during the period. 361 Capital LLC increased its position in Patterson-UTI Energy by 9.2% during the 3rd quarter. 361 Capital LLC now owns 82,388 shares of the oil and gas company’s stock worth $1,725,000 after purchasing an additional 6,914 shares during the period. Schwab Charles Investment Management Inc. increased its position in Patterson-UTI Energy by 26.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 771,726 shares of the oil and gas company’s stock worth $16,160,000 after purchasing an additional 162,677 shares during the period. State Treasurer State of Michigan increased its position in Patterson-UTI Energy by 17.6% during the 3rd quarter. State Treasurer State of Michigan now owns 80,200 shares of the oil and gas company’s stock worth $1,679,000 after purchasing an additional 12,000 shares during the period. Finally, New York State Common Retirement Fund increased its position in Patterson-UTI Energy by 4.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,179,300 shares of the oil and gas company’s stock worth $24,695,000 after purchasing an additional 53,473 shares during the period. Institutional investors own 97.79% of the company’s stock.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction that occurred on 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 legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.60% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.45%. The ex-dividend date is Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -57.14%.
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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