-$0.27 Earnings Per Share Expected for Patterson-UTI Energy, Inc. (NASDAQ:PTEN) This Quarter

Equities analysts expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to announce earnings per share (EPS) of ($0.27) for the current fiscal quarter, according to Zacks. Eight analysts have made estimates for Patterson-UTI Energy’s earnings, with the lowest EPS estimate coming in at ($0.31) and the highest estimate coming in at ($0.21). Patterson-UTI Energy reported earnings of ($0.10) per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 170%. The firm is scheduled to issue its next earnings report on Thursday, October 24th.

According to Zacks, analysts expect that Patterson-UTI Energy will report full-year earnings of ($0.86) per share for the current financial year, with EPS estimates ranging from ($0.96) to ($0.75). For the next year, analysts expect that the business will post earnings of ($0.82) per share, with EPS estimates ranging from ($1.23) to $0.05. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that cover Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.04. The firm had revenue of $675.77 million during the quarter, compared to analyst estimates of $670.28 million. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.71%. The business’s quarterly revenue was down 20.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) EPS.

Several equities analysts have recently weighed in on the stock. Piper Jaffray Companies cut their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Tuesday. Jefferies Financial Group lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating and cut their target price for the company from $14.50 to $11.50 in a report on Friday. Bank of America reaffirmed a “buy” rating and set a $14.00 target price (down from $20.00) on shares of Patterson-UTI Energy in a report on Tuesday, June 25th. Citigroup cut their target price on shares of Patterson-UTI Energy from $20.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Finally, Credit Suisse Group cut their target price on shares of Patterson-UTI Energy from $14.00 to $11.00 and set a “neutral” rating for the company in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Patterson-UTI Energy has an average rating of “Buy” and a consensus price target of $15.54.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Gamco Investors INC. ET AL boosted its stake in Patterson-UTI Energy by 39.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 69,890 shares of the oil and gas company’s stock worth $980,000 after purchasing an additional 19,790 shares during the last quarter. Connable Office Inc. acquired a new stake in Patterson-UTI Energy during the 1st quarter worth $159,000. Gateway Investment Advisers LLC boosted its stake in Patterson-UTI Energy by 21.4% during the 2nd quarter. Gateway Investment Advisers LLC now owns 59,935 shares of the oil and gas company’s stock worth $690,000 after purchasing an additional 10,553 shares during the last quarter. Kahn Brothers Group Inc. DE boosted its stake in Patterson-UTI Energy by 6.3% during the 1st quarter. Kahn Brothers Group Inc. DE now owns 1,709,129 shares of the oil and gas company’s stock worth $23,962,000 after purchasing an additional 101,332 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Patterson-UTI Energy by 4.1% during the 4th quarter. Geode Capital Management LLC now owns 2,268,509 shares of the oil and gas company’s stock worth $23,479,000 after purchasing an additional 88,404 shares during the last quarter. 97.45% of the stock is owned by institutional investors.

Shares of NASDAQ:PTEN traded down $0.10 during trading on Friday, hitting $10.33. 3,154,895 shares of the stock traded hands, compared to its average volume of 3,930,783. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.69 and a current ratio of 1.91. The stock has a market capitalization of $2.09 billion, a P/E ratio of -30.38 and a beta of 1.43. The business’s fifty day simple moving average is $11.30. Patterson-UTI Energy has a 52-week low of $9.49 and a 52-week high of $18.39.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, September 5th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.55%. The ex-dividend date is Wednesday, September 4th. Patterson-UTI Energy’s payout ratio is presently -47.06%.

About Patterson-UTI Energy

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

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