Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Piper Jaffray Companies lowered their FY2018 earnings estimates for shares of Patterson-UTI Energy in a research note issued on Tuesday, January 8th. Piper Jaffray Companies analyst J. Daniel now forecasts that the oil and gas company will earn ($0.42) per share for the year, down from their previous estimate of ($0.41). Piper Jaffray Companies currently has a “Buy” rating and a $23.00 target price on the stock. Piper Jaffray Companies also issued estimates for Patterson-UTI Energy’s Q4 2018 earnings at ($0.14) EPS, Q1 2019 earnings at ($0.21) EPS, Q2 2019 earnings at ($0.28) EPS, Q3 2019 earnings at ($0.25) EPS, Q4 2019 earnings at ($0.21) EPS, FY2019 earnings at ($0.95) EPS, Q1 2020 earnings at ($0.11) EPS, Q2 2020 earnings at ($0.07) EPS, Q3 2020 earnings at $0.01 EPS, Q4 2020 earnings at $0.04 EPS and FY2020 earnings at ($0.13) EPS.
A number of other equities research analysts have also weighed in on the company. BidaskClub upgraded Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research report on Saturday, January 5th. ValuEngine lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, January 2nd. UBS Group set a $18.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, December 20th. Societe Generale upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, December 19th. Finally, Credit Suisse Group lowered Patterson-UTI Energy from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $19.00 to $12.00 in a research report on Wednesday, December 19th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $22.27.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The business had revenue of $867.48 million for the quarter, compared to analyst estimates of $839.65 million. Patterson-UTI Energy had a negative return on equity of 2.29% and a net margin of 2.27%.
The business also recently announced a quarterly dividend, which was paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.26%. The ex-dividend date was Wednesday, December 5th. Patterson-UTI Energy’s payout ratio is presently -20.00%.
In other Patterson-UTI Energy news, Director Curtis W. Huff acquired 20,000 shares of the company’s stock in a transaction dated Wednesday, December 26th. The shares were bought at an average cost of $10.14 per share, with a total value of $202,800.00. Following the purchase, the director now directly owns 113,304 shares of the company’s stock, valued at $1,148,902.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.70% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the company. Legal & General Group Plc lifted its stake in shares of Patterson-UTI Energy by 1.0% in the 3rd quarter. Legal & General Group Plc now owns 306,882 shares of the oil and gas company’s stock valued at $5,250,000 after purchasing an additional 2,949 shares during the period. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Patterson-UTI Energy by 8.0% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 46,512 shares of the oil and gas company’s stock valued at $796,000 after purchasing an additional 3,433 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Patterson-UTI Energy by 12.0% in the 3rd quarter. Hsbc Holdings PLC now owns 42,486 shares of the oil and gas company’s stock valued at $727,000 after purchasing an additional 4,566 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Patterson-UTI Energy by 8.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 65,236 shares of the oil and gas company’s stock valued at $1,174,000 after purchasing an additional 4,856 shares during the period. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of Patterson-UTI Energy by 6.2% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 85,452 shares of the oil and gas company’s stock valued at $1,538,000 after purchasing an additional 4,982 shares during the period. 95.62% of the stock is currently owned by institutional investors.
About Patterson-UTI Energy
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 two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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