Equities research analysts predict that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will report earnings per share of ($0.19) for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Patterson-UTI Energy’s earnings, with estimates ranging from ($0.21) to ($0.14). Patterson-UTI Energy posted earnings per share of ($0.05) during the same quarter last year, which would suggest a negative year over year growth rate of 280%. The business is scheduled to announce its next quarterly earnings report on Thursday, July 25th.

On average, analysts expect that Patterson-UTI Energy will report full year earnings of ($0.68) per share for the current financial year, with EPS estimates ranging from ($0.90) to ($0.49). For the next year, analysts forecast that the business will post earnings of ($0.27) per share, with EPS estimates ranging from ($0.79) to $0.57. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that cover Patterson-UTI Energy.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The company had revenue of $704.17 million during the quarter, compared to analysts’ expectations of $694.10 million. During the same period last year, the company posted ($0.16) earnings per share. The firm’s quarterly revenue was down 13.0% compared to the same quarter last year.

A number of research analysts have issued reports on PTEN shares. Bank of America set a $20.00 target price on shares of Patterson-UTI Energy and gave the company a “hold” rating in a report on Tuesday, March 5th. BidaskClub cut shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Thursday, April 25th. Piper Jaffray Companies set a $20.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, February 8th. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Goldman Sachs Group initiated coverage on shares of Patterson-UTI Energy in a research report on Sunday, March 10th. They issued a “neutral” rating and a $16.00 price target on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $19.71.

Several hedge funds have recently added to or reduced their stakes in PTEN. Renaissance Technologies LLC grew its position in shares of Patterson-UTI Energy by 1,143.6% in the first quarter. Renaissance Technologies LLC now owns 3,514,948 shares of the oil and gas company’s stock valued at $49,280,000 after purchasing an additional 3,232,295 shares during the last quarter. AQR Capital Management LLC boosted its position in Patterson-UTI Energy by 103.8% during the first quarter. AQR Capital Management LLC now owns 6,249,197 shares of the oil and gas company’s stock worth $87,614,000 after acquiring an additional 3,182,690 shares during the last quarter. Millennium Management LLC boosted its position in Patterson-UTI Energy by 526.1% during the fourth quarter. Millennium Management LLC now owns 3,423,038 shares of the oil and gas company’s stock worth $35,428,000 after acquiring an additional 2,876,290 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Patterson-UTI Energy by 25.7% during the first quarter. Dimensional Fund Advisors LP now owns 12,045,085 shares of the oil and gas company’s stock worth $168,876,000 after acquiring an additional 2,460,403 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in Patterson-UTI Energy by 6,105.2% during the first quarter. BNP Paribas Arbitrage SA now owns 1,764,317 shares of the oil and gas company’s stock worth $24,736,000 after acquiring an additional 1,735,884 shares during the last quarter. Institutional investors and hedge funds own 98.28% of the company’s stock.

Patterson-UTI Energy stock traded down $0.50 during mid-day trading on Friday, reaching $10.63. The company had a trading volume of 3,562,698 shares, compared to its average volume of 3,104,551. Patterson-UTI Energy has a 1 year low of $9.49 and a 1 year high of $21.81. 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 stock has a market cap of $2.32 billion, a PE ratio of -31.26 and a beta of 1.30.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be given a $0.04 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $0.16 annualized dividend and a dividend yield of 1.51%. Patterson-UTI Energy’s dividend payout ratio is presently -47.06%.

Patterson-UTI Energy announced that its board has approved a stock repurchase plan on Thursday, February 7th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to purchase up to 9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.

Read More: How is inflation measured?

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.