FY2017 EPS Estimates for Patterson-UTI Energy, Inc. Boosted by Analyst (PTEN)
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Seaport Global Securities increased their FY2017 EPS estimates for shares of Patterson-UTI Energy in a report released on Monday. Seaport Global Securities analyst S. Randhawa now anticipates that the oil and gas company will post earnings per share of ($0.82) for the year, up from their previous forecast of ($0.83). Seaport Global Securities has a “Neutral” rating on the stock. Seaport Global Securities also issued estimates for Patterson-UTI Energy’s Q1 2018 earnings at ($0.09) EPS, Q2 2018 earnings at ($0.08) EPS, Q3 2018 earnings at ($0.03) EPS, Q4 2018 earnings at ($0.01) EPS, FY2018 earnings at ($0.20) EPS, Q1 2019 earnings at $0.01 EPS, Q2 2019 earnings at $0.03 EPS, Q3 2019 earnings at $0.07 EPS and FY2019 earnings at $0.18 EPS.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.80%. The business’s quarterly revenue was up 232.3% on a year-over-year basis. During the same period last year, the business posted ($0.58) EPS.
Several other equities analysts also recently commented on the stock. Cowen and Company restated a “hold” rating and issued a $24.00 price target on shares of Patterson-UTI Energy in a research note on Tuesday, July 11th. Citigroup Inc. upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price target for the company from $21.00 to $19.00 in a research note on Wednesday, August 30th. Societe Generale initiated coverage on shares of Patterson-UTI Energy in a research note on Thursday, August 31st. They issued a “buy” rating and a $22.00 price target on the stock. Royal Bank Of Canada restated a “buy” rating and issued a $29.00 price target on shares of Patterson-UTI Energy in a research note on Thursday, July 20th. Finally, Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $26.71.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -5.16%.
Several hedge funds have recently made changes to their positions in PTEN. Riverhead Capital Management LLC grew its position in shares of Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after buying an additional 4,653 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Patterson-UTI Energy by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after buying an additional 1,089 shares during the period. Madden Advisory Services Inc. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $236,000. Gluskin Sheff & Assoc Inc. grew its position in shares of Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after buying an additional 780 shares during the period. Finally, Pacad Investment Ltd. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $246,000. 98.70% of the stock is owned by institutional investors.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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