Patterson-UTI Energy (NASDAQ:PTEN) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Patterson-UTI Energy (NASDAQ:PTEN) released its quarterly earnings data on Wednesday. The oil and gas company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01), Briefing.com reports. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. During the same period in the prior year, the company earned ($0.13) earnings per share. Patterson-UTI Energy’s revenue was up .7% compared to the same quarter last year.

Patterson-UTI Energy Stock Up 1.7%

PTEN stock traded up $0.16 on Wednesday, hitting $9.33. 9,926,417 shares of the company’s stock were exchanged, compared to its average volume of 8,824,460. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $13.08. The firm has a 50 day moving average price of $10.47 and a two-hundred day moving average price of $9.88. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Insider Buying and Selling

In other Patterson-UTI Energy news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the sale, the chief executive officer owned 2,542,474 shares in the company, valued at $29,594,397.36. The trade was a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 in the last 90 days. 2.20% of the stock is owned by insiders.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently bought and sold shares of PTEN. Quarry LP increased its stake in Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after buying an additional 7,171 shares during the period. Aster Capital Management DIFC Ltd lifted its stake in shares of Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after buying an additional 1,547 shares during the period. Glenmede Investment Management LP purchased a new stake in shares of Patterson-UTI Energy during the third quarter valued at $55,000. Finally, Ritter Alpha LP purchased a new stake in shares of Patterson-UTI Energy during the third quarter valued at $55,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on PTEN shares. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a research report on Monday, April 20th. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating on the stock in a report on Wednesday, July 8th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Piper Sandler upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 target price for the company in a report on Tuesday, July 14th. Finally, The Goldman Sachs Group increased their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Nine analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus price target of $12.15.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.