Patterson-UTI Energy (NASDAQ:PTEN) Issues Quarterly Earnings Results

Patterson-UTI Energy (NASDAQ:PTEN) announced its quarterly earnings data on Wednesday. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01), Briefing.com reports. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.15 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the business posted ($0.13) earnings per share.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $9.33 on Thursday. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.08. The firm has a market capitalization of $3.54 billion, a P/E ratio of -30.10 and a beta of 0.62. The stock has a 50 day moving average price of $10.41 and a 200 day moving average price of $9.90. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is presently -129.03%.

Analyst Ratings Changes

A number of research firms have recently weighed in on PTEN. Royal Bank Of Canada increased their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Morgan Stanley lifted their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. The Goldman Sachs Group boosted their target price on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.15.

Insider Activity at Patterson-UTI Energy

In related news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer directly owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. The trade was a 19.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,007,844 shares of company stock valued at $11,922,302 over the last 90 days. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PTEN. Royal Bank of Canada lifted its stake in Patterson-UTI Energy by 23.7% during the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after purchasing an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Patterson-UTI Energy by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock valued at $1,904,000 after purchasing an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after buying an additional 220,422 shares in the last quarter. United Services Automobile Association acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Patterson-UTI Energy by 3.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock worth $7,106,000 after buying an additional 30,217 shares during the last quarter. 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.