Patterson-UTI Energy (NASDAQ:PTEN) Posts Earnings Results, Misses Expectations By $2.51 EPS

Patterson-UTI Energy (NASDAQ:PTEN) issued its quarterly earnings results on Wednesday. The oil and gas company reported ($2.50) EPS for the quarter, missing the consensus estimate of $0.01 by ($2.51), RTT News reports. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the firm 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 Trading Down 0.8 %

Shares of PTEN traded down $0.06 during midday trading on Wednesday, hitting $7.80. 9,334,419 shares of the stock were exchanged, compared to its average volume of 7,025,115. Patterson-UTI Energy has a 52-week low of $7.45 and a 52-week high of $13.62. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The stock has a fifty day simple moving average of $8.41 and a 200 day simple moving average of $9.79. The firm has a market cap of $3.07 billion, a P/E ratio of 25.35 and a beta of 2.12.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PTEN. Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. ATB Capital reduced their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Barclays lowered their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Finally, Citigroup cut their price objective on shares of 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 research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.