Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Research analysts at SunTrust Banks lifted their Q3 2018 earnings estimates for Patterson-UTI Energy in a report released on Tuesday. SunTrust Banks analyst K. Sill now forecasts that the oil and gas company will post earnings per share of $0.01 for the quarter, up from their previous estimate of ($0.01). SunTrust Banks currently has a “Buy” rating and a $31.00 price target on the stock. SunTrust Banks also issued estimates for Patterson-UTI Energy’s Q4 2018 earnings at $0.05 EPS, Q1 2019 earnings at $0.06 EPS and Q3 2019 earnings at $0.14 EPS.
Several other equities research analysts have also recently commented on PTEN. Cowen set a $24.00 price target on Patterson-UTI Energy and gave the company a “hold” rating in a research note on Wednesday, October 18th. Credit Suisse Group upped 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 cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. Piper Jaffray Companies set a $24.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Tuesday, October 31st. Finally, TheStreet raised Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research report on Monday, December 4th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $26.28.
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 Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). The firm had revenue of $787.33 million during the quarter, compared to the consensus estimate of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 5.07%. The company’s quarterly revenue was up 218.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.53) EPS.
Institutional investors and hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its stake 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 in the last quarter. Northern Trust Corp raised 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 purchasing an additional 71,331 shares in the last quarter. State Street Corp raised its stake in shares of Patterson-UTI Energy by 9.3% in the second quarter. State Street Corp now owns 4,984,030 shares of the oil and gas company’s stock valued at $100,628,000 after purchasing an additional 423,443 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Patterson-UTI Energy by 1.3% in the second quarter. The Manufacturers Life Insurance Company now owns 446,475 shares of the oil and gas company’s stock valued at $9,014,000 after purchasing an additional 5,552 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Patterson-UTI Energy by 8.6% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 60,561 shares of the oil and gas company’s stock valued at $1,223,000 after purchasing an additional 4,808 shares in the last quarter. 97.79% of the stock is owned by institutional investors.
In other news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.60% of the stock is currently owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th will be given a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.08 annualized dividend and a dividend yield of 0.44%. Patterson-UTI Energy’s dividend payout ratio is -57.14%.
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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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