Patterson-UTI Energy (PTEN) Expected to Announce Earnings on Wednesday

Patterson-UTI Energy (NASDAQ:PTEN) is expected to be releasing its earnings data after the market closes on Wednesday, April 23rd. Analysts expect Patterson-UTI Energy to post earnings of ($0.05) per share and revenue of $1.18 billion for the quarter. Parties interested in registering for the company’s conference call can do so using this link.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $6.10 on Monday. Patterson-UTI Energy has a 12-month low of $5.12 and a 12-month high of $11.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -2.47 and a beta of 1.60. The firm’s fifty day moving average price is $7.57 and its 200 day moving average price is $8.00.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s payout ratio is -12.96%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PTEN. Susquehanna lowered their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday, April 14th. Stifel Nicolaus decreased their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. The Goldman Sachs Group decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Finally, Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $11.21.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the sale, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

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.