Patterson-UTI Energy (NASDAQ:PTEN) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS
by Tristan Rich · The Markets DailyPatterson-UTI Energy (NASDAQ:PTEN – Get Free Report) posted its earnings results on Wednesday. The oil and gas company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.02, Zacks reports. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.
Patterson-UTI Energy Price Performance
Shares of NASDAQ 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 market capitalization of $4.10 billion, a PE ratio of -43.24 and a beta of 0.57. The stock has a 50 day simple moving average of $9.71 and a 200-day simple moving average of $7.57. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $11.75. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.
Patterson-UTI Energy Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, March 2nd. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a yield of 3.7%. Patterson-UTI Energy’s dividend payout ratio is -160.00%.
Wall Street Analyst Weigh In
PTEN has been the topic of several research analyst reports. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Citigroup raised their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a report on Monday. Susquehanna raised their price objective on Patterson-UTI Energy from $10.00 to $13.00 and gave the company a “positive” rating in a report on Tuesday, April 7th. Finally, Zacks Research raised Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $9.90.
Read Our Latest Stock 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 firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Patterson-UTI Energy
Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP lifted its position in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Patterson-UTI Energy by 494.6% in the second 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 in the last quarter. Aster Capital Management DIFC Ltd lifted its position in shares of Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,547 shares in the last quarter. Glenmede Investment Management LP purchased a new position in shares of Patterson-UTI Energy in the third quarter valued at approximately $55,000. Finally, Ritter Alpha LP purchased a new position in shares of Patterson-UTI Energy in the third quarter valued at approximately $55,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.
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.