$794.15 Million in Sales Expected for Patterson-UTI Energy, Inc. (PTEN) This Quarter

Analysts expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report $794.15 million in sales for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Patterson-UTI Energy’s earnings, with the lowest sales estimate coming in at $790.27 million and the highest estimate coming in at $798.20 million. Patterson-UTI Energy reported sales of $305.18 million during the same quarter last year, which indicates a positive year over year growth rate of 160.2%. The firm is expected to issue its next earnings results on Thursday, April 26th.

According to Zacks, analysts expect that Patterson-UTI Energy will report full year sales of $794.15 million for the current fiscal year, with estimates ranging from $3.26 billion to $3.56 billion. For the next fiscal year, analysts forecast that the company will post sales of $3.82 billion per share, with estimates ranging from $3.44 billion to $4.33 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Patterson-UTI Energy.

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Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 4.82%. The business had revenue of $787.33 million during the quarter, compared to analysts’ expectations of $764.84 million. During the same quarter in the previous year, the company posted ($0.53) EPS. The company’s revenue was up 218.9% compared to the same quarter last year.

A number of research firms recently issued reports on PTEN. BMO Capital Markets set a $24.00 price target on Patterson-UTI Energy and gave the stock a “hold” rating in a research note on Friday, February 9th. BidaskClub downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Friday, March 2nd. Deutsche Bank dropped their price target on Patterson-UTI Energy from $26.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, February 9th. Jefferies Group set a $25.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, Seaport Global Securities restated a “hold” rating and set a $24.00 price target on shares of Patterson-UTI Energy in a research note on Monday, February 12th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $26.00.

Patterson-UTI Energy stock traded down $0.56 on Friday, hitting $18.35. The stock had a trading volume of 5,375,814 shares, compared to its average volume of 3,955,965. Patterson-UTI Energy has a fifty-two week low of $14.83 and a fifty-two week high of $25.75. The company has a current ratio of 1.37, a quick ratio of 1.24 and a debt-to-equity ratio of 0.15.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th were given a dividend of $0.02 per share. The ex-dividend date was Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.44%. Patterson-UTI Energy’s payout ratio is -57.14%.

In other Patterson-UTI Energy news, Director Terry H. Hunt sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $19.46, for a total transaction of $194,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. William Blair Investment Management LLC lifted its holdings in shares of Patterson-UTI Energy by 12.5% in the 4th quarter. William Blair Investment Management LLC now owns 35,379 shares of the oil and gas company’s stock valued at $814,000 after buying an additional 3,935 shares during the period. MetLife Investment Advisors LLC acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $3,686,000. Castleark Management LLC lifted its holdings in shares of Patterson-UTI Energy by 40.2% in the 4th quarter. Castleark Management LLC now owns 586,795 shares of the oil and gas company’s stock valued at $13,502,000 after buying an additional 168,165 shares during the period. Jane Street Group LLC lifted its holdings in shares of Patterson-UTI Energy by 266.0% in the 4th quarter. Jane Street Group LLC now owns 89,289 shares of the oil and gas company’s stock valued at $2,055,000 after buying an additional 64,890 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $474,000. 99.66% of the stock is owned by institutional investors and hedge funds.

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Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

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Earnings History and Estimates for Patterson-UTI Energy (NASDAQ:PTEN)

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