Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $11.25 Consensus PT from Brokerages

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have earned a consensus recommendation of “Buy” from the seven brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $11.25.

Several research analysts have commented on PTEN shares. Royal Bank of Canada lifted their price target on shares of Patterson-UTI Energy from $11.00 to $12.00 and gave the stock a “sector perform” rating in a research note on Friday, October 29th. Morgan Stanley raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $10.00 to $12.00 in a research note on Monday, December 6th. Citigroup raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Thursday, December 9th. Piper Sandler raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $10.00 to $10.25 in a research note on Tuesday, December 21st. Finally, Barclays lifted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock an “overweight” rating in a research note on Monday, October 25th.

PTEN opened at $10.31 on Wednesday. The business’s fifty day simple moving average is $8.52 and its 200 day simple moving average is $8.48. Patterson-UTI Energy has a 52 week low of $5.66 and a 52 week high of $11.27. The company has a quick ratio of 1.50, a current ratio of 1.60 and a debt-to-equity ratio of 0.52. The stock has a market cap of $2.22 billion, a PE ratio of -4.84 and a beta of 3.01.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, October 28th. The oil and gas company reported ($0.44) EPS for the quarter, meeting the consensus estimate of ($0.44). The firm had revenue of $357.89 million for the quarter, compared to analyst estimates of $352.03 million. Patterson-UTI Energy had a negative return on equity of 21.31% and a negative net margin of 35.92%. The company’s revenue was up 72.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.60) EPS. As a group, equities analysts anticipate that Patterson-UTI Energy will post -1.91 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, December 16th. Investors of record on Thursday, December 2nd were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.78%. The ex-dividend date was Wednesday, December 1st. Patterson-UTI Energy’s payout ratio is -3.76%.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Louisiana State Employees Retirement System increased its stake in shares of Patterson-UTI Energy by 14.3% in the fourth quarter. Louisiana State Employees Retirement System now owns 104,100 shares of the oil and gas company’s stock worth $880,000 after buying an additional 13,000 shares during the period. Contravisory Investment Management Inc. boosted its holdings in Patterson-UTI Energy by 19.5% in the fourth quarter. Contravisory Investment Management Inc. now owns 24,083 shares of the oil and gas company’s stock valued at $204,000 after acquiring an additional 3,934 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Patterson-UTI Energy by 10.5% in the fourth quarter. State of Alaska Department of Revenue now owns 152,302 shares of the oil and gas company’s stock valued at $1,286,000 after acquiring an additional 14,415 shares in the last quarter. Harbor Investment Advisory LLC boosted its holdings in Patterson-UTI Energy by 34.8% in the fourth quarter. Harbor Investment Advisory LLC now owns 5,996 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 1,547 shares in the last quarter. Finally, Jefferies Group LLC bought a new stake in Patterson-UTI Energy in the third quarter valued at $871,000. 80.37% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators.

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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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