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

Patterson-UTI Energy (NASDAQ:PTEN) announced its earnings results on Wednesday. The oil and gas company reported ($2.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($2.51), RTT News reports. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.20 EPS.

Patterson-UTI Energy Trading Down 0.8 %

Shares of Patterson-UTI Energy stock traded down $0.06 during trading on Wednesday, reaching $7.80. 9,334,419 shares of the company were exchanged, compared to its average volume of 7,025,115. Patterson-UTI Energy has a twelve month low of $7.45 and a twelve month high of $13.62. The business has a 50-day moving average price of $8.41 and a 200-day moving average price of $9.79. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 25.35 and a beta of 2.12.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. ATB Capital dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. 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. Piper Sandler reduced 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 Monday, July 15th. Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Finally, Royal Bank of Canada decreased their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target 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.