Patterson-UTI Energy (NASDAQ:PTEN) Issues Earnings Results
by Danessa Lincoln · The Markets DailyPatterson-UTI Energy (NASDAQ:PTEN – Get Free Report) posted its earnings results on Wednesday. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04, Zacks reports. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company’s revenue for the quarter was down 12.7% on a year-over-year basis.
Patterson-UTI Energy Stock Up 2.4%
Shares of PTEN traded up $0.25 during midday trading on Wednesday, hitting $10.81. The stock had a trading volume of 12,210,542 shares, compared to its average volume of 11,293,052. The company has a 50 day simple moving average of $9.71 and a two-hundred day simple moving average of $7.57. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $11.75. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of -43.24 and a beta of 0.57. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46.
Patterson-UTI Energy Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.10 per share. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date was Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 3.7%. Patterson-UTI Energy’s dividend payout ratio is currently -160.00%.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Piper Sandler increased their target price on shares of Patterson-UTI Energy from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Royal Bank Of Canada lifted their price target on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Finally, Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $9.90.
Check Out Our Latest Report on Patterson-UTI Energy
Insider Buying and Selling at Patterson-UTI Energy
In other news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Patterson-UTI Energy
Several hedge funds have recently made changes to their positions in PTEN. Corient Private Wealth LLC raised its holdings in shares of Patterson-UTI Energy by 50.2% in the fourth quarter. Corient Private Wealth LLC now owns 49,961 shares of the oil and gas company’s stock valued at $305,000 after purchasing an additional 16,709 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in Patterson-UTI Energy by 223.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 59,666 shares of the oil and gas company’s stock worth $365,000 after purchasing an additional 41,208 shares during the last quarter. Yaupon Capital Management LP bought a new position in Patterson-UTI Energy in the fourth quarter valued at $9,885,000. Man Group plc grew its position in Patterson-UTI Energy by 6.4% in the fourth quarter. Man Group plc now owns 1,456,100 shares of the oil and gas company’s stock valued at $8,897,000 after purchasing an additional 87,557 shares in the last quarter. Finally, Guggenheim Capital LLC increased its stake in Patterson-UTI Energy by 158.3% in the 4th quarter. Guggenheim Capital LLC now owns 179,027 shares of the oil and gas company’s stock valued at $1,094,000 after buying an additional 109,713 shares during the last quarter. 97.91% of the stock is owned by institutional investors.
Patterson-UTI Energy Company Profile
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.