Patterson-UTI Energy (PTEN) to Release Earnings on Wednesday

Patterson-UTI Energy (NASDAQ:PTEN) is expected to be announcing its earnings results after the market closes on Wednesday, February 5th. Analysts expect the company to announce earnings of ($0.10) per share and revenue of $1.25 billion for the quarter. Parties interested in listening to the company’s conference call can do so using this link.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $7.88 on Tuesday. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The business’s 50-day moving average price is $8.26 and its two-hundred day moving average price is $8.48. Patterson-UTI Energy has a 12-month low of $7.15 and a 12-month high of $12.65.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several research reports. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Barclays cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Finally, StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Insider Activity

In other news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now directly owns 32,438 shares in the company, 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

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.