Patterson-UTI Energy (NASDAQ:PTEN) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) posted its quarterly earnings results on Wednesday. The oil and gas company reported $0.15 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.02, Zacks reports. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. During the same quarter in the previous year, the firm earned $0.46 earnings per share.

Patterson-UTI Energy Trading Up 0.9 %

PTEN stock traded up $0.09 during trading on Thursday, hitting $10.59. The company had a trading volume of 14,922,594 shares, compared to its average volume of 6,610,859. The business has a 50-day moving average of $11.67 and a 200-day moving average of $11.53. Patterson-UTI Energy has a one year low of $9.70 and a one year high of $16.17. The stock has a market cap of $4.27 billion, a PE ratio of 10.43, a PEG ratio of 1.53 and a beta of 2.23. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy's payout ratio is presently 31.68%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Susquehanna reissued a "positive" rating and set a $16.00 target price on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Raymond James lowered their target price on Patterson-UTI Energy from $16.00 to $15.00 and set a "strong-buy" rating for the company in a research note on Friday, February 16th. Evercore ISI lowered their target price on Patterson-UTI Energy from $19.00 to $18.00 and set an "outperform" rating for the company in a research note on Tuesday, February 20th. Bank of America lowered their target price on Patterson-UTI Energy from $14.50 to $14.00 and set a "buy" rating for the company in a research note on Monday, April 15th. Finally, Royal Bank of Canada lowered their target price on Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $16.17.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company's stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

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.