Patterson-UTI Energy PT Lowered to $22.00 (PTEN)
Stock analysts at Global Hunter Securities lowered their target price on shares of Patterson-UTI Energy (NASDAQ:PTEN) from $24.00 to $22.00 in a report issued on Friday, American Banking and Market News reports. The firm currently has a “neutral” rating on the stock. Global Hunter Securities’ price objective suggests a potential downside of 1.26% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at Wunderlich downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note to investors on Friday. They now have a $23.00 price target on the stock, down previously from $25.00. Separately, analysts at Susquehanna raised their price target on shares of Patterson-UTI Energy from $24.00 to $28.00 in a research note to investors on Wednesday, October 16th. They now have a “buy” rating on the stock. Finally, analysts at Bank of America Corp. reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note to investors on Friday, October 11th. They now have a $27.00 price target on the stock. One research analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $25.12.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 22.28 on Friday. Patterson-UTI Energy has a 52 week low of $14.95 and a 52 week high of $25.48. The stock has a 50-day moving average of $19.95 and a 200-day moving average of $21.60. The company has a market cap of $3.248 billion and a price-to-earnings ratio of 15.85.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings data on Thursday, October 24th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.19. The company had revenue of $731.00 million for the quarter, compared to the consensus estimate of $680.92 million. During the same quarter in the previous year, the company posted $0.39 earnings per share. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, analysts predict that Patterson-UTI Energy will post $1.27 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend is Friday, December 13th.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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