Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Expected to Announce Quarterly Sales of $441.09 Million

Brokerages expect Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report $441.09 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Patterson-UTI Energy’s earnings, with the lowest sales estimate coming in at $437.90 million and the highest estimate coming in at $442.90 million. Patterson-UTI Energy posted sales of $220.80 million in the same quarter last year, which suggests a positive year over year growth rate of 99.8%. The business is scheduled to report its next earnings report before the market opens on Thursday, February 10th.

On average, analysts expect that Patterson-UTI Energy will report full year sales of $1.32 billion for the current fiscal year, with estimates ranging from $1.31 billion to $1.33 billion. For the next fiscal year, analysts expect that the business will post sales of $2.13 billion, with estimates ranging from $2.04 billion to $2.19 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 28th. The oil and gas company reported ($0.44) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.44). Patterson-UTI Energy had a negative return on equity of 21.31% and a negative net margin of 35.92%. The business had revenue of $357.89 million for the quarter, compared to the consensus estimate of $352.03 million. During the same period last year, the business earned ($0.60) earnings per share. The firm’s revenue for the quarter was up 72.8% compared to the same quarter last year.

A number of equities research analysts recently weighed in on PTEN shares. Royal Bank of Canada lifted their target price on Patterson-UTI Energy from $11.00 to $12.00 and gave the stock a “sector perform” rating in a research report on Friday, October 29th. Morgan Stanley upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $10.00 to $12.00 in a research note on Monday, December 6th. Bank of America upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “buy” rating and raised their price target for the stock from $9.25 to $10.50 in a research note on Tuesday, November 2nd. Barclays raised their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock an “overweight” rating in a research note on Monday, October 25th. Finally, Citigroup upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and set a $11.00 price target for the company in a research note on Thursday, December 9th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $11.25.

Large investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd raised its stake in shares of Patterson-UTI Energy by 62.2% in the third quarter. Point72 Hong Kong Ltd now owns 4,118 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 1,579 shares during the last quarter. Harbor Investment Advisory LLC raised its position in Patterson-UTI Energy by 117.1% in the 3rd quarter. Harbor Investment Advisory LLC now owns 4,449 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 2,400 shares during the last quarter. HighMark Wealth Management LLC bought a new position in Patterson-UTI Energy in the 3rd quarter worth approximately $43,000. Berman Capital Advisors LLC raised its position in Patterson-UTI Energy by 147.9% in the 3rd quarter. Berman Capital Advisors LLC now owns 6,259 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 3,734 shares during the last quarter. Finally, JustInvest LLC bought a new position in Patterson-UTI Energy in the 3rd quarter worth approximately $98,000. Institutional investors own 80.37% of the company’s stock.

PTEN stock traded up $0.39 during trading on Tuesday, reaching $10.31. 3,197,500 shares of the stock were exchanged, compared to its average volume of 2,909,340. Patterson-UTI Energy has a twelve month low of $5.66 and a twelve month high of $11.27. The stock has a 50 day simple moving average of $8.50 and a 200-day simple moving average of $8.48. The company has a quick ratio of 1.50, a current ratio of 1.60 and a debt-to-equity ratio of 0.52.

The company also recently announced a quarterly dividend, which was paid on Thursday, December 16th. Stockholders of record on Thursday, December 2nd were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date of this dividend was Wednesday, December 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -3.76%.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators.

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Earnings History and Estimates for Patterson-UTI Energy (NASDAQ:PTEN)

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