Goldman Sachs Group Inc. Upgrades Patterson-UTI Energy to Neutral (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by equities researchers at Goldman Sachs Group Inc. from a “sell” rating to a “neutral” rating in a research report issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $25.00 price target on the stock. Goldman Sachs Group Inc.’s target price suggests a potential upside of 12.21% from the stock’s previous close. The analysts noted that the move was a valuation call.
Patterson-UTI Energy (NASDAQ:PTEN) traded up 3.01% during mid-day trading on Monday, hitting $22.95. 1,393,725 shares of the company’s stock traded hands. 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 $3.346 billion and a P/E ratio of 14.31.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.51 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.39 earnings per share. Patterson-UTI Energy’s revenue was up 13.6% compared to the same quarter last year. Analysts expect that Patterson-UTI Energy will post $1.30 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Friday, December 13th.
A number of other firms have also recently commented on PTEN. Analysts at Susquehanna cut their price target on shares of Patterson-UTI Energy from $28.00 to $26.00 in a research note to investors on Friday. They now have a “positive” rating on the stock. Separately, analysts at Global Hunter Securities cut their price target on shares of Patterson-UTI Energy from $24.00 to $22.00 in a research note to investors on Friday. They now have a “neutral” rating on the stock. Finally, 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. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $25.12.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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