Patterson-UTI Energy (PTEN) Expected to Announce Quarterly Earnings on Wednesday

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) is expected to post its quarterly earnings results after the market closes on Wednesday, April 23rd. Analysts expect Patterson-UTI Energy to post earnings of ($0.05) per share and revenue of $1.18 billion for the quarter. Persons interested in participating in the company's earnings conference call can do so using this link.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock traded up $0.27 during midday trading on Friday, reaching $6.10. The company had a trading volume of 18,648,839 shares, compared to its average volume of 8,731,036. Patterson-UTI Energy has a 12-month low of $5.12 and a 12-month high of $11.70. The firm's fifty day simple moving average is $7.57 and its 200-day simple moving average is $8.00. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The company has a market capitalization of $2.35 billion, a P/E ratio of -2.47 and a beta of 1.60.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.25%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy's payout ratio is -12.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley dropped their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. Susquehanna lowered their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a report on Monday, April 14th. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Raymond James lowered Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Finally, The Goldman Sachs Group dropped their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy has an average rating of "Moderate Buy" and an average target price of $11.21.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This trade represents a 1.02 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% 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.