Patterson-UTI Energy (NASDAQ:PTEN) Announces Earnings Results

Key Points

• Patterson-UTI Energy missed earnings expectations: The company reported a quarterly loss of $0.05 per share versus the $0.04 loss analysts expected. Revenue increased 0.7% year over year, while the company posted negative net margin and return on equity.
• Shares traded at $9.33 during Wednesday’s midday session, below both the 50-day and 200-day moving averages. The stock has ranged from $5.10 to $13.08 over the past year, and analysts have a consensus “Hold” rating with a $12.15 price target.
• Analyst views remain mixed: Price targets range from $10.00 to $15.00, with Piper Sandler upgrading the stock to “overweight” and Royal Bank of Canada maintaining an “outperform” rating. Insiders have sold more than 1 million shares worth approximately $11.9 million over the past 90 days.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) 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 ($0.04) by ($0.01), Briefing.com reports. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.Patterson-UTI Energy's revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.13) earnings per share.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded up $0.16 during midday trading on Wednesday, hitting $9.33. The stock had a trading volume of 9,926,417 shares, compared to its average volume of 10,246,322. The firm's fifty day moving average is $10.47 and its two-hundred day moving average is $9.88. The company has a market capitalization of $3.54 billion, a PE ratio of -30.10 and a beta of 0.62. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.08. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PTEN shares. Morgan Stanley upped their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 15th. Piper Sandler raised shares of Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 price objective on the stock in a report on Tuesday, July 14th. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Citigroup decreased their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating on the stock in a research report on Monday, June 29th. Finally, Royal Bank Of Canada boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research report on Friday, May 29th. Nine investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $12.15.

Insider Activity at Patterson-UTI Energy

In other news, Director Cesar Jaime sold 10,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the sale, the director directly owned 77,462 shares of the company's stock, valued at $952,007.98. This represents a 11.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Forrest C. Robinson sold 13,670 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the sale, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,007,844 shares of company stock worth $11,922,302 in the last 90 days. Insiders own 2.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PTEN. Quarry LP increased its stake in Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock worth $26,000 after buying an additional 3,862 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after acquiring an additional 7,171 shares during the period. Aster Capital Management DIFC Ltd boosted its stake in shares of Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock worth $53,000 after acquiring an additional 1,547 shares during the period. Glenmede Investment Management LP bought a new position in shares of Patterson-UTI Energy in the third quarter worth about $55,000. Finally, Ritter Alpha LP purchased a new stake in shares of Patterson-UTI Energy during the third quarter worth about $55,000. Institutional investors own 97.91% of the company's stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company's core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.

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