Stephens began coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note released on Tuesday, MarketBeat Ratings reports. The firm issued an overweight rating and a $29.00 price objective on the oil and gas company’s stock.
A number of other brokerages have also recently issued reports on PTEN. Jefferies Group set a $30.00 target price on Patterson-UTI Energy and gave the stock a buy rating in a report on Thursday, January 4th. TheStreet upgraded Patterson-UTI Energy from a d+ rating to a c- rating in a report on Monday, December 4th. SunTrust Banks raised their target price on Patterson-UTI Energy to $31.00 and gave the stock a buy rating in a report on Wednesday, December 6th. Deutsche Bank began coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They set a buy rating and a $25.00 target price on the stock. Finally, Zacks Investment Research upgraded Patterson-UTI Energy from a hold rating to a buy rating and set a $23.00 target price on the stock in a report on Wednesday, October 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company’s stock. Patterson-UTI Energy has an average rating of Buy and a consensus target price of $27.40.
Patterson-UTI Energy (PTEN) remained flat at $$24.70 during trading on Tuesday. 3,706,473 shares of the stock were exchanged, compared to its average volume of 3,427,375. The firm has a market cap of $5,490.00, a P/E ratio of -15.94 and a beta of 1.08. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.04. The business had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The firm’s quarterly revenue was up 232.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.58) earnings per share. sell-side analysts anticipate that Patterson-UTI Energy will post -0.8 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.32%. The ex-dividend date was Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -5.16%.
In other news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 4.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 22.8% during the 2nd quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock valued at $338,409,000 after purchasing an additional 3,115,388 shares in the last quarter. BlackRock Inc. raised its position in Patterson-UTI Energy by 11.5% in the 2nd quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock valued at $325,506,000 after buying an additional 1,660,164 shares during the last quarter. Van ECK Associates Corp raised its position in Patterson-UTI Energy by 6.6% in the 3rd quarter. Van ECK Associates Corp now owns 10,177,949 shares of the oil and gas company’s stock valued at $213,126,000 after buying an additional 630,350 shares during the last quarter. JPMorgan Chase & Co. raised its position in Patterson-UTI Energy by 6.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,367,543 shares of the oil and gas company’s stock valued at $174,379,000 after buying an additional 501,179 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in Patterson-UTI Energy by 31.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,567,435 shares of the oil and gas company’s stock valued at $116,581,000 after buying an additional 1,335,098 shares during the last quarter. Institutional investors and hedge funds own 97.71% of the company’s stock.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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