Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Piper Jaffray Companies boosted their Q2 2020 earnings estimates for Patterson-UTI Energy in a report issued on Thursday, October 4th. Piper Jaffray Companies analyst J. Daniel now expects that the oil and gas company will post earnings of $0.18 per share for the quarter, up from their previous forecast of $0.11. Piper Jaffray Companies currently has a “Buy” rating and a $22.00 price target on the stock. Piper Jaffray Companies also issued estimates for Patterson-UTI Energy’s Q3 2020 earnings at $0.23 EPS.
A number of other research firms have also recently weighed in on PTEN. Zacks Investment Research cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. BidaskClub cut shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Friday, July 20th. Guggenheim cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note on Friday, July 6th. Macquarie raised shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research note on Thursday, July 26th. Finally, Credit Suisse Group raised shares of Patterson-UTI Energy from a “neutral” rating to an “outperform” rating and decreased their target price for the stock from $22.00 to $19.00 in a research note on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $23.88.
Shares of PTEN opened at $17.82 on Monday. Patterson-UTI Energy has a one year low of $14.60 and a one year high of $25.03. The company has a market cap of $3.76 billion, a price-to-earnings ratio of -22.28 and a beta of 1.14. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.68 and a quick ratio of 1.54.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 26th. The oil and gas company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Patterson-UTI Energy had a net margin of 3.72% and a negative return on equity of 2.64%. The firm had revenue of $854.42 million for the quarter, compared to analyst estimates of $866.96 million. During the same quarter in the prior year, the firm earned ($0.46) earnings per share. The firm’s revenue for the quarter was up 47.5% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Thursday, September 6th were paid a $0.04 dividend. The ex-dividend date was Wednesday, September 5th. This represents a $0.16 annualized dividend and a dividend yield of 0.90%. Patterson-UTI Energy’s dividend payout ratio is -20.00%.
Several institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp grew its stake in shares of Patterson-UTI Energy by 0.6% in the second quarter. Van ECK Associates Corp now owns 9,519,575 shares of the oil and gas company’s stock worth $171,352,000 after purchasing an additional 56,494 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Patterson-UTI Energy by 147.2% in the first quarter. Point72 Asset Management L.P. now owns 6,410,492 shares of the oil and gas company’s stock worth $112,248,000 after purchasing an additional 3,817,741 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in shares of Patterson-UTI Energy by 13.2% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 5,032,655 shares of the oil and gas company’s stock worth $90,588,000 after purchasing an additional 587,878 shares during the last quarter. Macquarie Group Ltd. grew its stake in shares of Patterson-UTI Energy by 8.0% in the second quarter. Macquarie Group Ltd. now owns 4,526,681 shares of the oil and gas company’s stock worth $81,480,000 after purchasing an additional 336,104 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Patterson-UTI Energy by 6.5% in the first quarter. Millennium Management LLC now owns 4,322,677 shares of the oil and gas company’s stock worth $75,690,000 after purchasing an additional 263,550 shares during the last quarter. 96.25% of the stock is currently owned by institutional investors.
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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