Patterson-UTI Energy (NASDAQ:PTEN) Issues Earnings Results

Patterson-UTI Energy (NASDAQ:PTEN) issued its quarterly earnings results on Wednesday. The oil and gas company reported ($2.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($2.51), RTT News reports. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the business posted $0.20 earnings per share. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year.

Patterson-UTI Energy Stock Up 2.2 %

PTEN stock opened at $7.97 on Friday. The company has a 50 day moving average of $8.37 and a two-hundred day moving average of $9.76. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 25.71 and a beta of 2.12. Patterson-UTI Energy has a 12-month low of $7.45 and a 12-month high of $13.48. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 4.02%. Patterson-UTI Energy’s dividend payout ratio is presently 103.23%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. ATB Capital decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Barclays lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Piper Sandler cut their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Royal Bank of Canada decreased their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Finally, Citigroup cut their price objective on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research report on Friday, September 13th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.54.

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.