Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Research analysts at Seaport Global Securities upped their Q3 2019 earnings per share (EPS) estimates for Patterson-UTI Energy in a research note issued to investors on Thursday, October 25th, Zacks Investment Research reports. Seaport Global Securities analyst M. Urban now expects that the oil and gas company will earn $0.03 per share for the quarter, up from their prior forecast of $0.02. Seaport Global Securities currently has a “Buy” rating and a $20.00 target price on the stock. Seaport Global Securities also issued estimates for Patterson-UTI Energy’s Q4 2019 earnings at $0.03 EPS and FY2020 earnings at $0.25 EPS.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. Patterson-UTI Energy had a net margin of 2.27% and a negative return on equity of 2.29%. The firm had revenue of $867.48 million during the quarter, compared to the consensus estimate of $839.65 million.
Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada restated a “buy” rating and issued a $28.00 price objective on shares of Patterson-UTI Energy in a research note on Friday, July 27th. Zacks Investment Research downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. BidaskClub upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 22nd. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Monday, August 13th. Finally, Macquarie upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research note on Thursday, July 26th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $23.88.
NASDAQ PTEN traded up $0.22 during trading hours on Monday, hitting $14.64. The company had a trading volume of 2,125,078 shares, compared to its average volume of 3,822,297. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.66 and a quick ratio of 1.54. Patterson-UTI Energy has a 1-year low of $13.89 and a 1-year high of $25.03. The company has a market capitalization of $3.14 billion, a PE ratio of -18.30 and a beta of 0.98.
Large investors have recently made changes to their positions in the company. First Mercantile Trust Co. purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $158,000. Connable Office Inc. purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $173,000. Signition LP purchased a new position in Patterson-UTI Energy during the third quarter worth about $177,000. WINTON GROUP Ltd purchased a new position in Patterson-UTI Energy during the first quarter worth about $180,000. Finally, IFP Advisors Inc raised its holdings in Patterson-UTI Energy by 122.7% during the third quarter. IFP Advisors Inc now owns 10,751 shares of the oil and gas company’s stock worth $184,000 after purchasing an additional 5,923 shares in the last quarter. 98.89% of the stock is owned by institutional investors and hedge funds.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be issued a $0.04 dividend. The ex-dividend date is Wednesday, December 5th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.09%. Patterson-UTI Energy’s payout ratio is -20.00%.
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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