Patterson-UTI Energy Rating Lowered to Market Perform at Cowen and Company (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by equities researchers at Cowen and Company from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday, TheFlyOnTheWall.com reports.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded down 2.42% during mid-day trading on Tuesday, hitting $22.60. The stock had a trading volume of 2,332,505 shares. Patterson-UTI Energy has a 1-year low of $15.58 and a 1-year high of $25.48. The stock’s 50-day moving average is $20.92 and its 200-day moving average is $21.32. The company has a market cap of $3.295 billion and a P/E ratio of 16.67.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly 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 $1.26 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on PTEN. Analysts at Bank of America Corp. initiated coverage on shares of Patterson-UTI Energy in a research note to investors on Thursday, September 26th. They set a “buy” rating and a $27.00 price target on the stock. Separately, analysts at Stephens initiated coverage on shares of Patterson-UTI Energy in a research note to investors on Tuesday, September 24th. They set an “equal weight” rating on the stock. Finally, analysts at Barclays Capital raised their price target on shares of Patterson-UTI Energy 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $25.44.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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