Analysts predict that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will report sales of $794.15 million for the current fiscal quarter, Zacks 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 scheduled to issue its next earnings results on Thursday, April 26th.
On average, analysts expect that Patterson-UTI Energy will report full-year sales of $794.15 million for the current year, with estimates ranging from $3.26 billion to $3.56 billion. For the next year, analysts forecast that the business will post sales of $3.82 billion per share, with estimates ranging from $3.44 billion to $4.33 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Patterson-UTI Energy.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $787.33 million for the quarter, compared to analyst estimates of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 4.82%. The company’s revenue was up 218.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.53) EPS.
In other Patterson-UTI Energy news, Director Terry H. Hunt sold 10,000 shares of the business’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total transaction of $194,600.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.60% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of PTEN. Nationwide Fund Advisors increased its stake in Patterson-UTI Energy by 31.8% during the third quarter. Nationwide Fund Advisors now owns 412,883 shares of the oil and gas company’s stock worth $8,646,000 after purchasing an additional 99,714 shares during the period. Prudential Financial Inc. increased its stake in shares of Patterson-UTI Energy by 15.1% during the third quarter. Prudential Financial Inc. now owns 128,189 shares of the oil and gas company’s stock worth $2,684,000 after buying an additional 16,850 shares during the period. New York State Common Retirement Fund increased its stake in shares of Patterson-UTI Energy by 4.7% during the third quarter. New York State Common Retirement Fund now owns 1,179,300 shares of the oil and gas company’s stock worth $24,695,000 after buying an additional 53,473 shares during the period. Great West Life Assurance Co. Can increased its stake in shares of Patterson-UTI Energy by 19.3% during the third quarter. Great West Life Assurance Co. Can now owns 127,480 shares of the oil and gas company’s stock worth $2,654,000 after buying an additional 20,618 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Patterson-UTI Energy by 15.9% during the third quarter. Legal & General Group Plc now owns 271,342 shares of the oil and gas company’s stock worth $5,682,000 after buying an additional 37,166 shares during the period. Institutional investors own 99.66% of the company’s stock.
Shares of PTEN stock traded down $0.26 on Tuesday, hitting $17.56. 2,574,767 shares of the stock traded hands, compared to its average volume of 3,117,597. 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 stock has a market cap of $3,903.34, a price-to-earnings ratio of -21.95 and a beta of 1.21. Patterson-UTI Energy has a twelve month low of $14.83 and a twelve month high of $25.75.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.46%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -10.00%.
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About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments: Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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