Patterson-UTI Energy Receives Buy Rating from Bank of America Corp. (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN)‘s stock had its “buy” rating reiterated by Bank of America Corp. in a research note issued on Friday, AR Network reports. They currently have a $27.00 price objective on the stock. Bank of America Corp.’s price target suggests a potential upside of 16.58% from the company’s current price.
Patterson-UTI Energy (NASDAQ:PTEN) traded up 1.45% during mid-day trading on Friday, hitting $23.16. The stock had a trading volume of 1,464,239 shares. Patterson-UTI Energy has a one year low of $15.58 and a one year high of $25.48. The stock’s 50-day moving average is $21.10 and its 200-day moving average is $21.34. The company has a market cap of $3.377 billion and a price-to-earnings ratio of 16.44.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings data on Thursday, July 25th. The company reported $0.28 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.60 earnings per share. Patterson-UTI Energy’s revenue was down 3.2% compared to the same quarter last year. On average, analysts predict that Patterson-UTI Energy will post $1.26 earnings per share for the current fiscal year.
PTEN has been the subject of a number of other recent research reports. Analysts at Jefferies Group raised their price target on shares of Patterson-UTI Energy to $21.00 in a research note to investors on Friday. They now have a “hold” rating on the stock. Separately, analysts at Cowen and Company downgraded shares of Patterson-UTI Energy from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday. They now have a $24.00 price target on the stock, up previously from $22.00. Finally, 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $25.47.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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