Patterson-UTI Energy Coverage Initiated by Analysts at Stephens (PTEN)
Equities researchers at Stephens initiated coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set an “equal weight” rating on the stock.
Several other analysts have also recently commented on the stock. Analysts at Cowen and Company reiterated a “buy” rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note to investors on Monday, September 9th. They now have a $22.00 price target on the stock. Separately, analysts at Barclays Capital raised their price target on shares of Patterson-UTI Energy (NASDAQ:PTEN) from $25.00 to $26.00 in a research note to investors on Monday, September 9th. They now have an “overweight” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note to investors on Monday, August 26th. They now have a $21.00 price target on the stock.
One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. Patterson-UTI Energy presently has an average rating of “Buy” and a consensus price target of $25.13.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 21.71 on Tuesday. Patterson-UTI Energy has a 1-year low of $14.95 and a 1-year high of $25.48. The stock’s 50-day moving average is $20.21 and its 200-day moving average is $21.50. The company has a market cap of $3.165 billion and a price-to-earnings ratio of 15.63.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 25th. The company reported $0.28 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.30 by $0.02. The company had revenue of $659.32 million for the quarter, compared to the consensus estimate of $646.39 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis. Analysts expect that Patterson-UTI Energy will post $1.25 EPS for the current fiscal year.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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