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

Patterson-UTI Energy (NASDAQ:PTEN) released its quarterly earnings results on Wednesday. The oil and gas company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02, Zacks reports. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. During the same quarter last year, the business posted $0.46 earnings per share.

Patterson-UTI Energy Stock Up 2.6 %

Shares of PTEN traded up $0.27 during midday trading on Thursday, reaching $10.77. 10,299,274 shares of the company were exchanged, compared to its average volume of 6,565,258. The stock has a 50-day moving average price of $11.67 and a 200-day moving average price of $11.53. The company has a market cap of $4.34 billion, a price-to-earnings ratio of 10.43, a P/E/G ratio of 1.53 and a beta of 2.23. Patterson-UTI Energy has a 1-year low of $9.70 and a 1-year high of $16.17. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio is presently 31.68%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PTEN shares. Benchmark cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Susquehanna restated a “positive” rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a report on Monday, April 8th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Royal Bank of Canada decreased their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, February 16th. Finally, Raymond James decreased their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $16.17.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by insiders.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.