Analysts expect that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will report sales of $195.96 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Patterson-UTI Energy’s earnings. The lowest sales estimate is $188.00 million and the highest is $204.00 million. Patterson-UTI Energy posted sales of $598.45 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 67.3%. The company is scheduled to report its next quarterly earnings report on Thursday, October 22nd.
On average, analysts expect that Patterson-UTI Energy will report full year sales of $1.09 billion for the current financial year, with estimates ranging from $1.06 billion to $1.14 billion. For the next year, analysts forecast that the company will post sales of $972.38 million, with estimates ranging from $897.30 million to $1.12 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 23rd. The oil and gas company reported ($0.56) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.58) by $0.02. The business had revenue of $250.30 million during the quarter, compared to the consensus estimate of $239.35 million. Patterson-UTI Energy had a negative net margin of 52.19% and a negative return on equity of 12.67%. The firm’s revenue was down 63.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) EPS.
Several equities analysts have recently issued reports on the stock. Barclays reaffirmed a “hold” rating and set a $4.00 price target on shares of Patterson-UTI Energy in a research note on Sunday, July 26th. Scotiabank downgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector underperform” rating and set a $2.00 price target for the company. in a research note on Thursday, July 16th. Piper Sandler raised their price target on shares of Patterson-UTI Energy from $2.00 to $4.00 and gave the company a “neutral” rating in a research note on Thursday, May 28th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, August 10th. Finally, Zacks Investment Research raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Friday, May 22nd. Nine research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. Patterson-UTI Energy currently has an average rating of “Hold” and a consensus target price of $4.70.
Hedge funds have recently bought and sold shares of the stock. Private Advisor Group LLC acquired a new position in Patterson-UTI Energy during the 1st quarter worth approximately $26,000. Virtu Financial LLC acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $35,000. Fruth Investment Management acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $36,000. Connable Office Inc. raised its stake in Patterson-UTI Energy by 54.1% during the 1st quarter. Connable Office Inc. now owns 16,543 shares of the oil and gas company’s stock worth $39,000 after buying an additional 5,811 shares during the period. Finally, Commerce Bank acquired a new position in Patterson-UTI Energy during the 1st quarter worth approximately $40,000.
PTEN stock opened at $3.49 on Thursday. The company has a fifty day moving average price of $3.90 and a 200-day moving average price of $3.54. The company has a market capitalization of $654.05 million, a P/E ratio of -0.72 and a beta of 2.74. Patterson-UTI Energy has a 52-week low of $1.61 and a 52-week high of $11.02. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.77 and a current ratio of 1.90.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd will be paid a $0.02 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $0.08 annualized dividend and a dividend yield of 2.29%. Patterson-UTI Energy’s dividend payout ratio is presently -8.08%.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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