Zacks: Brokerages Expect Patterson-UTI Energy, Inc. (PTEN) to Post -$0.19 EPS

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Brokerages expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to post ($0.19) earnings per share (EPS) for the current quarter, according to Zacks. Seven analysts have made estimates for Patterson-UTI Energy’s earnings, with the lowest EPS estimate coming in at ($0.21) and the highest estimate coming in at ($0.14). Patterson-UTI Energy reported earnings of ($0.05) per share during the same quarter last year, which indicates a negative year over year growth rate of 280%. The company is expected to issue its next quarterly earnings report on Thursday, July 25th.

According to Zacks, analysts expect that Patterson-UTI Energy will report full-year earnings of ($0.68) per share for the current year, with EPS estimates ranging from ($0.90) to ($0.49). For the next year, analysts expect that the company will report earnings of ($0.27) per share, with EPS estimates ranging from ($0.79) to $0.57. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The firm had revenue of $704.17 million for the quarter, compared to analysts’ expectations of $694.10 million. During the same period in the prior year, the company earned ($0.16) EPS. The business’s revenue was down 13.0% compared to the same quarter last year.

A number of analysts recently weighed in on PTEN shares. Zacks Investment Research raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Thursday, February 7th. Bank of America set a $20.00 price objective on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a research report on Tuesday, March 5th. Raymond James set a $21.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, April 26th. ValuEngine lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Finally, TheStreet lowered shares of Patterson-UTI Energy from a “c-” rating to a “d” rating in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $19.71.

Hedge funds have recently modified their holdings of the business. FMR LLC lifted its position in Patterson-UTI Energy by 98.8% during the first quarter. FMR LLC now owns 313,654 shares of the oil and gas company’s stock valued at $4,397,000 after acquiring an additional 155,911 shares during the last quarter. BlueMountain Capital Management LLC acquired a new stake in Patterson-UTI Energy during the first quarter valued at $79,000. Kiwi Wealth Investments Limited Partnership acquired a new stake in Patterson-UTI Energy during the first quarter valued at $1,183,000. CWM Advisors LLC acquired a new stake in Patterson-UTI Energy during the first quarter valued at $203,000. Finally, Hotchkis & Wiley Capital Management LLC acquired a new stake in Patterson-UTI Energy during the first quarter valued at $2,933,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

Patterson-UTI Energy stock opened at $11.04 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.69 and a current ratio of 1.82. Patterson-UTI Energy has a 1-year low of $9.49 and a 1-year high of $21.81. The stock has a market capitalization of $2.30 billion, a P/E ratio of -32.47 and a beta of 1.30.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th will be paid a $0.04 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $0.16 dividend on an annualized basis and a yield of 1.45%. Patterson-UTI Energy’s dividend payout ratio is currently -47.06%.

Patterson-UTI Energy declared that its Board of Directors has approved a share buyback program on Thursday, February 7th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Patterson-UTI Energy Company Profile

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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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

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