Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Jefferies Group upped their Q4 2018 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research note issued to investors on Thursday. Jefferies Group analyst B. Handler now forecasts that the oil and gas company will post earnings of $0.13 per share for the quarter, up from their previous forecast of $0.08. Jefferies Group currently has a “Buy” rating and a $30.00 target price on the stock.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The business had revenue of $684.99 million during the quarter, compared to analyst estimates of $688.05 million. During the same quarter in the previous year, the firm posted ($0.58) EPS. The business’s revenue for the quarter was up 232.3% compared to the same quarter last year.
Shares of Patterson-UTI Energy (PTEN) opened at $23.69 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. Patterson-UTI Energy has a 12 month low of $14.83 and a 12 month high of $29.76.
Several hedge funds and other institutional investors have recently modified their holdings of PTEN. BlueMountain Capital Management LLC grew its holdings in shares of Patterson-UTI Energy by 8,571.3% in the 2nd quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock worth $75,952,000 after acquiring an additional 3,718,478 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter worth $67,664,000. Vanguard Group Inc. grew its holdings in shares of Patterson-UTI Energy by 22.8% in the 2nd quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after acquiring an additional 3,115,388 shares during the last quarter. Axar Capital Management L.P. acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter worth $59,956,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Patterson-UTI Energy by 39.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock worth $158,823,000 after acquiring an additional 2,224,128 shares during the last quarter. Institutional investors and hedge funds own 97.71% of the company’s stock.
In related news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 4.60% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Thursday, December 21st. Investors of record on Thursday, December 7th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date was Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is -5.16%.
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About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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