Wall Street analysts expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report $355.90 million in sales for the current quarter, according to Zacks. Five analysts have made estimates for Patterson-UTI Energy's earnings, with the lowest sales estimate coming in at $352.00 million and the highest estimate coming in at $358.70 million. Patterson-UTI Energy posted sales of $207.14 million in the same quarter last year, which would indicate a positive year over year growth rate of 71.8%. The business is expected to announce its next earnings report on Thursday, October 28th.
According to Zacks, analysts expect that Patterson-UTI Energy will report full year sales of $1.27 billion for the current fiscal year, with estimates ranging from $1.25 billion to $1.29 billion. For the next year, analysts anticipate that the firm will report sales of $1.83 billion, with estimates ranging from $1.55 billion to $2.09 billion. Zacks' sales averages are a mean average based on a survey of research firms that that provide coverage for Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 29th. The oil and gas company reported ($0.54) EPS for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.02). The business had revenue of $291.77 million during the quarter, compared to analysts' expectations of $294.73 million. Patterson-UTI Energy had a negative net margin of 44.59% and a negative return on equity of 21.76%.
Several analysts have recently commented on the stock. Morgan Stanley increased their price target on shares of Patterson-UTI Energy from $7.50 to $10.00 and gave the company an "equal weight" rating in a research report on Friday, July 9th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $9.50 price target on shares of Patterson-UTI Energy in a research report on Thursday, September 9th. Finally, Evercore ISI upgraded shares of Patterson-UTI Energy from an "in-line" rating to an "outperform" rating and increased their price target for the company from $8.00 to $12.00 in a research report on Wednesday, June 23rd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $8.50.
NASDAQ PTEN opened at $8.10 on Wednesday. The stock has a market capitalization of $1.53 billion, a P/E ratio of -3.54 and a beta of 3.23. Patterson-UTI Energy has a 52-week low of $2.38 and a 52-week high of $11.27. The firm has a 50-day moving average price of $7.91 and a 200 day moving average price of $8.24. The company has a quick ratio of 1.62, a current ratio of 1.73 and a debt-to-equity ratio of 0.50.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 16th. Stockholders of record on Thursday, September 2nd will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend is Wednesday, September 1st. Patterson-UTI Energy's dividend payout ratio is presently -3.69%.
Several hedge funds have recently modified their holdings of the company. Prudential Financial Inc. increased its stake in Patterson-UTI Energy by 0.7% during the 1st quarter. Prudential Financial Inc. now owns 214,595 shares of the oil and gas company's stock worth $1,530,000 after buying an additional 1,390 shares during the period. Mutual of America Capital Management LLC grew its holdings in Patterson-UTI Energy by 6.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 25,072 shares of the oil and gas company's stock worth $179,000 after acquiring an additional 1,468 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Patterson-UTI Energy by 2.0% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 79,937 shares of the oil and gas company's stock worth $795,000 after acquiring an additional 1,590 shares in the last quarter. Gamco Investors INC. ET AL grew its holdings in Patterson-UTI Energy by 4.2% during the 1st quarter. Gamco Investors INC. ET AL now owns 40,990 shares of the oil and gas company's stock worth $292,000 after acquiring an additional 1,639 shares in the last quarter. Finally, US Bancorp DE grew its holdings in Patterson-UTI Energy by 12.7% during the 2nd quarter. US Bancorp DE now owns 17,801 shares of the oil and gas company's stock worth $178,000 after acquiring an additional 2,002 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators.
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