Patterson-UTI Energy (NASDAQ:PTEN) Releases Quarterly Earnings Results, Misses 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 ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02), Zacks reports. Patterson-UTI Energy had a negative return on equity of 1.92% and a negative net margin of 21.49%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company posted $0.03 earnings per share. The company's revenue was down 9.6% compared to the same quarter last year.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded down $0.18 during mid-day trading on Friday, hitting $5.92. The company had a trading volume of 10,520,865 shares, compared to its average volume of 11,872,000. Patterson-UTI Energy has a 12 month low of $5.12 and a 12 month high of $11.07. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.61 and a quick ratio of 1.40. The firm has a market cap of $2.29 billion, a P/E ratio of -2.14 and a beta of 1.32. The business's 50-day simple moving average is $6.04 and its 200-day simple moving average is $7.03.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.41%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is presently -11.59%.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the transaction, the director owned 999,754 shares of the company's stock, valued at $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. raised its position in Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock worth $39,024,000 after purchasing an additional 220,422 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Patterson-UTI Energy by 3.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock worth $7,106,000 after buying an additional 30,217 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Patterson-UTI Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock worth $1,904,000 after buying an additional 10,142 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Patterson-UTI Energy by 23.7% during the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock worth $1,397,000 after buying an additional 32,622 shares in the last quarter. Finally, United Services Automobile Association acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth approximately $176,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Analysts Set New Price Targets

PTEN has been the subject of a number of recent research reports. Susquehanna decreased their price objective on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. JPMorgan Chase & Co. decreased their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Barclays decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th. The Goldman Sachs Group decreased their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Finally, Piper Sandler began coverage on shares of Patterson-UTI Energy in a report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Hold" and a consensus target price of $8.36.

About Patterson-UTI Energy

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.