Patterson-UTI Energy Rating Lowered to Hold at Wunderlich (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by equities researchers at Wunderlich from a “buy” rating to a “hold” rating in a research report issued on Friday, TheFlyOnTheWall.com reports. They currently have a $23.00 target price on the stock, down from their previous target price of $25.00. Wunderlich’s target price indicates a potential upside of 3.23% from the company’s current price.
The analysts wrote, “Patterson-UTI Energy (PTEN) reported a decent 3Q13 as EPS of $0.25 was above our $0.23 estimate but below the Street’s $0.27 forecast. Revenues and EBITDA were near our and the Street’s estimates for the quarter as well but 4Q13 guidance causes us to lower our estimates dramatically heading into the end of the year, which also causes us to reduce our 2014 estimates. While we still believe PTEN continues to have a premier rig fleet headlined by its APEX rigs and remains a player in the pressure pumping game, the continued efficiency gains in the OFS space coupled with E&Ps remaining content in growth of activity through said gains causes us to be more cautious on PTEN. The stock has had a nice run and using our updated figures we believe the stock is relatively fairly valued.”
PTEN has been the subject of a number of other recent research reports. 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. Separately, 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. Finally, 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, October 11th. They now have a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $25.12.
Patterson-UTI Energy (NASDAQ:PTEN) traded up 1.18% during mid-day trading on Friday, hitting $22.28. The stock had a trading volume of 2,375,452 shares. Patterson-UTI Energy has a 52 week low of $14.95 and a 52 week high of $25.48. The stock’s 50-day moving average is $19.95 and its 200-day moving average is $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 announced its earnings results on Thursday, October 24th. The company reported $0.51 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.39 earnings per share. The company’s quarterly revenue was up 13.6% on a year-over-year basis. Analysts expect that Patterson-UTI Energy will post $1.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, December 31st. Shareholders 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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