Patterson-UTI Energy (NASDAQ:PTEN) Announces Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Patterson-UTI Energy reported an earnings per share (EPS) of ($0.06), surpassing analysts' expectations of (0.09) by $0.03.
• The company has a negative return on equity of 1.94% and a negative net margin of 21.49%, indicating challenges in profitability.
• Recent analyst ratings show a mixed outlook, with a consensus rating of "Hold" and a price target averaging $7.80 for the stock.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) posted its quarterly earnings results on Wednesday. The oil and gas company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03, Zacks reports. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded up $0.05 on Wednesday, reaching $6.08. The company's stock had a trading volume of 12,148,703 shares, compared to its average volume of 10,803,637. The firm has a market cap of $2.34 billion, a PE ratio of -2.20 and a beta of 1.23. The business has a 50-day moving average price of $5.58 and a 200 day moving average price of $5.83. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $9.57. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Susquehanna cut their price target on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a report on Wednesday, September 3rd. Royal Bank Of Canada dropped their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a report on Friday, July 25th. Piper Sandler began coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target on the stock. Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Finally, Barclays reaffirmed an "equal weight" rating and issued a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of "Hold" and a consensus price target of $7.80.

Institutional Trading of Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its stake in Patterson-UTI Energy by 583.1% in the second quarter. Tower Research Capital LLC TRC now owns 31,471 shares of the oil and gas company's stock valued at $187,000 after acquiring an additional 26,864 shares during the period. United Services Automobile Association bought a new stake in Patterson-UTI Energy in the first quarter valued at about $176,000. iSAM Funds UK Ltd increased its stake in Patterson-UTI Energy by 16.1% in the second quarter. iSAM Funds UK Ltd now owns 28,935 shares of the oil and gas company's stock valued at $172,000 after acquiring an additional 4,010 shares during the period. PDT Partners LLC bought a new stake in Patterson-UTI Energy in the second quarter valued at about $125,000. Finally, Gallagher Fiduciary Advisors LLC increased its stake in Patterson-UTI Energy by 23.4% in the second quarter. Gallagher Fiduciary Advisors LLC now owns 20,379 shares of the oil and gas company's stock valued at $121,000 after acquiring an additional 3,861 shares during the period. Institutional investors own 97.91% of the company's stock.

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.

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