Patterson-UTI Energy (PTEN) Projected to Post Earnings on Wednesday

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

Patterson-UTI Energy Trading Down 1.4 %

Shares of NASDAQ PTEN opened at $8.28 on Wednesday. Patterson-UTI Energy has a 12 month low of $7.15 and a 12 month high of $12.65. The company has a market cap of $3.23 billion, a price-to-earnings ratio of -3.78 and a beta of 2.09. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The business has a fifty day simple moving average of $8.29 and a 200-day simple moving average of $8.55.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Susquehanna reduced their price objective 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. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. 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. 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, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction dated 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 owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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.