Patterson-UTI Energy (NASDAQ:PTEN) Posts Earnings Results, Misses Estimates 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 (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02), Zacks reports. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the company earned $0.03 earnings per share. The company's revenue was down 9.6% on a year-over-year basis.

Patterson-UTI Energy Price Performance

PTEN stock traded down $0.18 during trading on Friday, hitting $5.92. The company had a trading volume of 10,520,865 shares, compared to its average volume of 9,258,117. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of -2.14 and a beta of 1.32. The business has a 50 day moving average of $6.04 and a 200 day moving average of $7.00. Patterson-UTI Energy has a fifty-two week low of $5.12 and a fifty-two week high of $11.07. The company has a current ratio of 1.73, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36.

Patterson-UTI Energy Announces Dividend

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

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 5,500 shares of the company's 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 sale, 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 through the SEC website. 2.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. United Services Automobile Association acquired a new stake in Patterson-UTI Energy in the 1st quarter valued at about $176,000. Royal Bank of Canada lifted its stake in 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 valued at $1,397,000 after buying an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 valued at $1,904,000 after buying an additional 10,142 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in 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 valued at $7,106,000 after buying an additional 30,217 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock valued at $39,024,000 after buying an additional 220,422 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on PTEN. The Goldman Sachs Group lowered their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Barclays lowered their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Piper Sandler began coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 target price for the company. Citigroup reiterated a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Finally, Susquehanna lowered their target price on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research note on Wednesday, June 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average 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.