Wall Street brokerages forecast that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will report earnings of ($0.10) per share for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Patterson-UTI Energy’s earnings, with the highest EPS estimate coming in at $0.03 and the lowest estimate coming in at ($0.16). Patterson-UTI Energy reported earnings of ($0.16) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 37.5%. The firm is scheduled to announce its next quarterly earnings report on Thursday, October 25th.

According to Zacks, analysts expect that Patterson-UTI Energy will report full-year earnings of ($0.40) per share for the current financial year, with EPS estimates ranging from ($0.56) to ($0.12). For the next year, analysts anticipate that the company will report earnings of ($0.10) per share, with EPS estimates ranging from ($0.54) to $0.74. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.01). Patterson-UTI Energy had a negative return on equity of 2.64% and a net margin of 3.72%. The business had revenue of $854.42 million during the quarter, compared to analyst estimates of $866.96 million. During the same quarter in the prior year, the company earned ($0.46) EPS. The company’s revenue was up 47.5% on a year-over-year basis.

A number of equities research analysts recently weighed in on the stock. BidaskClub upgraded shares of Patterson-UTI Energy from a “buy” rating to a “strong-buy” rating in a report on Friday, May 18th. ValuEngine lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, May 26th. Guggenheim lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a report on Friday, July 6th. BMO Capital Markets set a $23.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Wednesday, July 11th. Finally, Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $24.33.

A number of large investors have recently bought and sold shares of PTEN. BlackRock Inc. grew its position in shares of Patterson-UTI Energy by 2.2% during the 1st quarter. BlackRock Inc. now owns 21,033,770 shares of the oil and gas company’s stock valued at $368,301,000 after acquiring an additional 443,104 shares during the period. Wells Fargo & Company MN grew its position in shares of Patterson-UTI Energy by 8.4% during the 1st quarter. Wells Fargo & Company MN now owns 9,852,059 shares of the oil and gas company’s stock valued at $172,509,000 after acquiring an additional 763,411 shares during the period. Van ECK Associates Corp grew its position in shares of Patterson-UTI Energy by 0.6% during the 2nd quarter. Van ECK Associates Corp now owns 9,519,575 shares of the oil and gas company’s stock valued at $171,352,000 after acquiring an additional 56,494 shares during the period. JPMorgan Chase & Co. grew its position in shares of Patterson-UTI Energy by 0.7% during the 1st quarter. JPMorgan Chase & Co. now owns 8,532,080 shares of the oil and gas company’s stock valued at $149,398,000 after acquiring an additional 57,683 shares during the period. Finally, Point72 Asset Management L.P. grew its position in shares of Patterson-UTI Energy by 147.2% during the 1st quarter. Point72 Asset Management L.P. now owns 6,410,492 shares of the oil and gas company’s stock valued at $112,248,000 after acquiring an additional 3,817,741 shares during the period. Hedge funds and other institutional investors own 96.43% of the company’s stock.

Shares of PTEN traded down $0.11 on Monday, reaching $16.05. The company’s stock had a trading volume of 2,713,228 shares, compared to its average volume of 2,801,422. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.68 and a quick ratio of 1.54. Patterson-UTI Energy has a twelve month low of $14.60 and a twelve month high of $25.03. The firm has a market capitalization of $3.56 billion, a PE ratio of -20.06 and a beta of 1.17.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 20th. Shareholders of record on Thursday, September 6th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, September 5th. This represents a $0.16 annualized dividend and a yield of 1.00%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -20.00%.

Patterson-UTI Energy Company Profile

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 two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

Featured Story: How are Outstanding Shares Different from Authorized Shares?

Get a free copy of the Zacks research report on Patterson-UTI Energy (PTEN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.