Patterson-UTI Energy (NASDAQ:PTEN) Announces Earnings Results, Misses Expectations By $0.04 EPS

Patterson-UTI Energy (NASDAQ:PTEN) announced its earnings results on Wednesday. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04), reports. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%.

Patterson-UTI Energy Trading Down 1.7 %

PTEN traded down $0.18 during trading hours on Friday, reaching $10.26. The company’s stock had a trading volume of 1,654,459 shares, compared to its average volume of 6,870,727. The business’s 50-day moving average is $10.38 and its 200-day moving average is $10.94. Patterson-UTI Energy has a fifty-two week low of $9.51 and a fifty-two week high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28. The stock has a market cap of $4.12 billion, a PE ratio of 15.09 and a beta of 2.19.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the sale, the director now directly owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Patterson-UTI Energy during the fourth quarter worth $44,911,000. Balyasny Asset Management L.P. purchased a new stake in Patterson-UTI Energy in the 4th quarter valued at $44,872,000. Webs Creek Capital Management LP acquired a new stake in Patterson-UTI Energy during the 1st quarter worth $24,116,000. Vanguard Group Inc. grew its position in Patterson-UTI Energy by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock worth $486,449,000 after purchasing an additional 1,847,468 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Patterson-UTI Energy by 2,744.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock worth $17,052,000 after purchasing an additional 1,588,067 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Ratings Changes

PTEN has been the topic of several recent analyst reports. Benchmark reiterated a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Evercore ISI decreased their target price on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Susquehanna decreased their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a report on Thursday, July 11th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Bank of America cut their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $14.77.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.