Patterson-UTI Energy (NASDAQ:PTEN) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Patterson-UTI Energy (NASDAQ:PTEN) issued its quarterly earnings results on Wednesday. The oil and gas company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02), Zacks reports. Patterson-UTI Energy had a negative net margin of 14.73% and a positive return on equity of 3.60%.

Patterson-UTI Energy Stock Up 2.1 %

Shares of Patterson-UTI Energy stock traded up $0.17 during midday trading on Wednesday, hitting $8.38. The company’s stock had a trading volume of 13,579,570 shares, compared to its average volume of 8,686,963. The firm has a market capitalization of $3.27 billion, a P/E ratio of -3.83 and a beta of 2.07. The stock has a 50-day simple moving average of $8.26 and a 200-day simple moving average of $8.46. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 1-year low of $7.15 and a 1-year high of $12.65.

Analysts Set New Price Targets

PTEN has been the topic of several research analyst reports. Susquehanna lowered their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price target for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Barclays reduced their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Finally, Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the sale, the director now owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by insiders.

About Patterson-UTI Energy

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.