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

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

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN traded up $0.17 during trading on Wednesday, hitting $8.38. 13,579,570 shares of the company traded hands, compared to its average volume of 8,686,963. 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 one year low of $7.15 and a one year high of $12.65. The business’s fifty day moving average is $8.26 and its 200-day moving average is $8.46. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of -3.83 and a beta of 2.07.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the company’s 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 transaction, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Barclays cut their target price on 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. Susquehanna lowered their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Royal Bank of Canada lowered their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

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.