Patterson-UTI Energy (NASDAQ:PTEN) released its quarterly earnings results on Thursday. The oil and gas company reported ($0.17) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04, Briefing.com reports. The company had revenue of $675.77 million for the quarter, compared to analysts’ expectations of $670.28 million. Patterson-UTI Energy had a negative return on equity of 2.66% and a negative net margin of 11.64%. The business’s quarterly revenue was down 20.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.05) earnings per share.

Shares of PTEN opened at $10.59 on Friday. Patterson-UTI Energy has a 52-week low of $9.49 and a 52-week high of $18.39. The company has a current ratio of 1.82, a quick ratio of 1.69 and a debt-to-equity ratio of 0.33. The firm has a 50 day simple moving average of $11.30.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, September 5th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.51%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.

PTEN has been the topic of several research reports. Bank of America restated an “underperform” rating and set a $1.25 price target (down from $4.50) on shares of Superior Energy Services in a report on Tuesday, June 25th. Royal Bank of Canada reduced their price target on Patterson-UTI Energy to $21.00 and set an “outperform” rating on the stock in a report on Tuesday, June 18th. Morgan Stanley set a $207.00 price target on Alibaba Group and gave the stock a “buy” rating in a report on Friday, July 12th. BidaskClub upgraded Xilinx from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, AltaCorp Capital restated a “sector perform” rating on shares of STEP Energy Services in a report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $18.13.

A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Parallel Advisors LLC lifted its stake in Patterson-UTI Energy by 129.0% in the first quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 1,342 shares during the period. Machina Capital S.A.S. lifted its stake in Patterson-UTI Energy by 1,559.1% in the second quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock valued at $76,000 after buying an additional 6,174 shares during the period. Cullen Frost Bankers Inc. acquired a new position in Patterson-UTI Energy in the first quarter valued at approximately $120,000. Menta Capital LLC acquired a new position in Patterson-UTI Energy in the first quarter valued at approximately $152,000. Finally, Meeder Asset Management Inc. lifted its stake in Patterson-UTI Energy by 68.6% in the first quarter. Meeder Asset Management Inc. now owns 11,304 shares of the oil and gas company’s stock valued at $158,000 after buying an additional 4,598 shares during the period. 97.67% of the stock is currently owned by hedge funds and other 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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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

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