Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Research analysts at SunTrust Banks lowered their Q1 2019 earnings estimates for Patterson-UTI Energy in a report released on Monday, February 11th. SunTrust Banks analyst K. Sill now forecasts that the oil and gas company will post earnings per share of ($0.22) for the quarter, down from their previous estimate of ($0.19). SunTrust Banks also issued estimates for Patterson-UTI Energy’s Q2 2019 earnings at ($0.17) EPS, Q3 2019 earnings at ($0.12) EPS, Q4 2019 earnings at ($0.11) EPS, FY2019 earnings at ($0.62) EPS, Q1 2020 earnings at ($0.08) EPS, Q2 2020 earnings at ($0.04) EPS, Q3 2020 earnings at $0.00 EPS, Q4 2020 earnings at ($0.01) EPS and FY2020 earnings at ($0.13) EPS.
Several other research analysts have also weighed in on the company. Raymond James set a $20.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, February 8th. Piper Jaffray Companies set a $20.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, February 8th. Zacks Investment Research raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Thursday, February 7th. JPMorgan Chase & Co. lowered Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $16.00 to $12.00 in a research report on Thursday, January 17th. Finally, BidaskClub raised Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research report on Saturday, January 5th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $21.07.
NASDAQ:PTEN opened at $13.58 on Thursday. The company has a market cap of $2.76 billion, a price-to-earnings ratio of -39.94 and a beta of 1.35. Patterson-UTI Energy has a twelve month low of $9.49 and a twelve month high of $23.99. The company has a current ratio of 1.66, a quick ratio of 1.54 and a debt-to-equity ratio of 0.30.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, February 7th. The oil and gas company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.10. The firm had revenue of $795.90 million for the quarter, compared to analysts’ expectations of $797.10 million. Patterson-UTI Energy had a negative return on equity of 1.93% and a negative net margin of 9.66%. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.10) EPS.
Several hedge funds have recently bought and sold shares of the stock. Alliancebernstein L.P. boosted its stake in Patterson-UTI Energy by 237.0% in the 3rd quarter. Alliancebernstein L.P. now owns 4,301,105 shares of the oil and gas company’s stock valued at $73,592,000 after purchasing an additional 3,024,974 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in Patterson-UTI Energy by 39.1% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 7,002,153 shares of the oil and gas company’s stock valued at $119,807,000 after purchasing an additional 1,969,498 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Patterson-UTI Energy by 51.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,956,667 shares of the oil and gas company’s stock valued at $67,699,000 after purchasing an additional 1,350,950 shares during the period. Dimensional Fund Advisors LP boosted its stake in Patterson-UTI Energy by 14.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock valued at $99,202,000 after purchasing an additional 1,191,714 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in Patterson-UTI Energy by 28.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 4,250,500 shares of the oil and gas company’s stock valued at $72,726,000 after purchasing an additional 954,047 shares during the period. 95.91% of the stock is currently owned by institutional investors and hedge funds.
In other Patterson-UTI Energy news, Director Curtis W. Huff bought 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 26th. The shares were acquired at an average cost of $10.14 per share, with a total value of $202,800.00. Following the acquisition, the director now owns 113,304 shares of the company’s stock, valued at $1,148,902.56. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.70% of the stock is currently owned by insiders.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 21st. Investors of record on Thursday, March 7th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Wednesday, March 6th. Patterson-UTI Energy’s payout ratio is presently -47.06%.
Patterson-UTI Energy announced that its board has initiated a stock buyback plan on Thursday, February 7th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the oil and gas company to purchase up to 9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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 two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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