Patterson-UTI Energy (NASDAQ:PTEN) Announces Earnings Results

by · The Markets Daily

Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) posted its earnings results on Wednesday. The oil and gas company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.10, Zacks reports. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN traded up $0.14 during midday trading on Wednesday, reaching $7.95. 13,993,913 shares of the company were exchanged, compared to its average volume of 11,480,409. The stock has a market cap of $3.01 billion, a PE ratio of -22.08 and a beta of 0.76. The business’s fifty day moving average is $6.55 and its two-hundred day moving average is $6.03. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $9.30. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PTEN. Wall Street Zen upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Barclays reaffirmed an “equal weight” rating and set a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Finally, Royal Bank Of Canada raised their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $7.28.

Read Our Latest Report on Patterson-UTI Energy

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the transaction, the director owned 207,000 shares in the company, valued at $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds have recently made changes to their positions in PTEN. Quarry LP grew its holdings in Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 3,862 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 7,171 shares during the last quarter. Glenmede Investment Management LP purchased a new position in shares of Patterson-UTI Energy in the third quarter valued at $55,000. Ritter Alpha LP bought a new stake in Patterson-UTI Energy in the third quarter worth $55,000. Finally, Hudson Bay Capital Management LP purchased a new stake in Patterson-UTI Energy during the second quarter valued at $62,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

(Get Free Report)

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.

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