ValuEngine upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sell rating to a hold rating in a research report released on Thursday.
A number of other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Patterson-UTI Energy from a hold rating to a sell rating in a report on Monday, September 10th. BidaskClub downgraded shares of Patterson-UTI Energy from a sell rating to a strong sell rating in a report on Thursday, September 6th. BMO Capital Markets set a $21.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a research note on Thursday, August 9th. Susquehanna Bancshares set a $26.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a research note on Friday, July 27th. Finally, Jefferies Financial Group reiterated a buy rating and issued a $22.00 target price on shares of Patterson-UTI Energy in a research note on Friday, July 27th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $24.20.
NASDAQ PTEN opened at $17.63 on Thursday. Patterson-UTI Energy has a 52-week low of $14.60 and a 52-week high of $25.03. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.68 and a quick ratio of 1.54. The stock has a market cap of $3.87 billion, a P/E ratio of -22.04 and a beta of 1.17.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 26th. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). Patterson-UTI Energy had a negative return on equity of 2.64% and a net margin of 3.72%. The company had revenue of $854.42 million for the quarter, compared to analysts’ expectations of $866.96 million. During the same quarter last year, the business posted ($0.46) EPS. The business’s quarterly revenue was up 47.5% on a year-over-year basis. equities research analysts anticipate that Patterson-UTI Energy will post -0.4 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Stockholders of record on Thursday, September 6th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, September 5th. This represents a $0.16 annualized dividend and a dividend yield of 0.91%. Patterson-UTI Energy’s payout ratio is -20.00%.
Institutional investors and hedge funds have recently bought and sold shares of the company. BlueMountain Capital Management LLC bought a new position in shares of Patterson-UTI Energy in the second quarter valued at approximately $48,281,000. Edgestream Partners L.P. bought a new position in shares of Patterson-UTI Energy in the second quarter valued at approximately $210,000. JPMorgan Chase & Co. boosted its position in shares of Patterson-UTI Energy by 0.7% in the first quarter. JPMorgan Chase & Co. now owns 8,532,080 shares of the oil and gas company’s stock valued at $149,398,000 after acquiring an additional 57,683 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of Patterson-UTI Energy in the second quarter valued at approximately $4,943,000. Finally, Northern Trust Corp boosted its position in shares of Patterson-UTI Energy by 0.6% in the first quarter. Northern Trust Corp now owns 1,764,105 shares of the oil and gas company’s stock valued at $30,891,000 after acquiring an additional 11,266 shares during the period. Hedge funds and other institutional investors own 96.27% of the company’s stock.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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