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

Patterson-UTI Energy (NASDAQ:PTEN) announced its quarterly earnings results on Wednesday. The oil and gas company reported ($2.50) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $1.29 billion. During the same period in the prior year, the business earned $0.20 earnings per share. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $7.80 on Thursday. The company has a 50-day simple moving average of $8.39 and a two-hundred day simple moving average of $9.77. Patterson-UTI Energy has a twelve month low of $7.45 and a twelve month high of $13.62. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 11.47 and a beta of 2.12. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PTEN shares. Royal Bank of Canada decreased their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Bank of America cut their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. Barclays decreased their price target 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 Wednesday, October 16th. Finally, Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.54.

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.