Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Gabelli raised their FY2017 earnings estimates for shares of Patterson-UTI Energy in a report issued on Monday. Gabelli analyst S. Wong now forecasts that the brokerage will earn ($1.20) per share for the year, up from their prior estimate of ($1.50). Gabelli also issued estimates for Patterson-UTI Energy’s FY2018 earnings at $0.15 EPS, FY2019 earnings at $1.15 EPS and FY2020 earnings at $1.75 EPS.

A number of other research analysts have also recently commented on PTEN. Howard Weil boosted their target price on shares of Patterson-UTI Energy from $22.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Friday, October 28th. Scotiabank reissued a “sector perform” rating and set a $27.00 target price (up from $22.00) on shares of Patterson-UTI Energy in a research report on Friday, October 28th. Bank of America Corporation raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 30th. Stephens reissued an “underweight” rating on shares of Patterson-UTI Energy in a research report on Thursday, December 1st. Finally, Guggenheim cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a report on Tuesday, December 6th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $26.00.

Earnings History and Estimates for Patterson-UTI Energy (NASDAQ:PTEN)

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Patterson-UTI Energy (NASDAQ:PTEN) traded down 1.12% during mid-day trading on Wednesday, hitting $27.45. 1,689,329 shares of the stock traded hands. The stock has a 50-day moving average of $27.92 and a 200 day moving average of $23.92. Patterson-UTI Energy has a 1-year low of $13.92 and a 1-year high of $29.76. The firm’s market cap is $4.03 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, February 9th. The company reported ($0.53) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.54) by $0.01. Patterson-UTI Energy had a negative net margin of 34.79% and a negative return on equity of 13.25%. The company earned $247 million during the quarter, compared to analysts’ expectations of $228.83 million. During the same quarter last year, the business earned ($0.40) EPS. The business’s revenue was down 27.1% on a year-over-year basis.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 22nd. Stockholders of record on Wednesday, March 8th will be given a dividend of $0.02 per share. The ex-dividend date is Monday, March 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.29%. Patterson-UTI Energy’s dividend payout ratio is currently -3.69%.

This article was originally posted by Financial Market News and is the property of of Financial Market News. If you are accessing this article on another publication, it was illegally stolen and reposted in violation of US and international copyright & trademark law. The legal version of this article can be read at http://www.financial-market-news.com/patterson-uti-energy-inc-pten-expected-to-post-fy2017-earnings-of-1-20-per-share/1321529/.

Institutional investors have recently added to or reduced their stakes in the company. Tyers Asset Management LLC purchased a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $149,000. Lazard Asset Management LLC purchased a new position in Patterson-UTI Energy during the third quarter valued at approximately $154,000. Advisor Group Inc. raised its position in Patterson-UTI Energy by 1,535.8% in the third quarter. Advisor Group Inc. now owns 7,443 shares of the company’s stock valued at $167,000 after buying an additional 6,988 shares in the last quarter. ETRADE Capital Management LLC purchased a new position in Patterson-UTI Energy during the third quarter valued at approximately $200,000. Finally, Elkfork Partners LLC purchased a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $205,000. Institutional investors and hedge funds own 98.84% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.

5 Day Chart for NASDAQ:PTEN

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