Patterson-UTI Energy (PTEN) reported quarterly earnings results on Thursday, Apr-28-2016. The company said it had a profit of $-0.48 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.06. Analysts had a consensus of $-0.54. The company posted revenue of $268.90 million in the period, compared to analysts expectations of $255.92 million. The company’s revenue was down -59.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.06 EPS.
Many Wall Street Analysts have commented on Patterson-UTI Energy. Wunderlich Downgraded Patterson-UTI Energy on Apr 29, 2016 to ” Hold”, Price Target of the shares are set at $20.Patterson-UTI Energy was Downgraded by JP Morgan to ” Underweight” on Apr 15, 2016. Patterson-UTI Energy was Initiated by Nomura to “Neutral” on Apr 8, 2016.
Patterson-UTI Energy opened for trading at $18.66 and hit $19.175 on the upside on Wednesday, eventually ending the session at $19.09, with a gain of 2.97% or 0.55 points. The heightened volatility saw the trading volume jump to 63,41,916 shares. Company has a market cap of $2,810 M.
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 markets its contract drilling services to oil and natural gas operators in the continental United States and western and northern Canada. The Company’s Pressure Pumping segment provides pressure pumping services to oil and natural gas operators in Texas Southwest Region and the Appalachian region Northeast Region. The Company’s Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The Company’s oil and natural gas working interests are located in producing regions of Texas and New Mexico.