Patterson-UTI Energy PT Raised to $35.00 at Citigroup Inc. (PTEN)
Analysts at Citigroup Inc. raised their price objective on shares of Patterson-UTI Energy (NASDAQ:PTEN) from $31.00 to $35.00 in a research report issued to clients and investors on Friday, StockRatingsNetwork reports. Citigroup Inc.’s target price points to a potential upside of 24.38% from the company’s current price.
A number of other analysts have also recently weighed in on PTEN. Analysts at Susquehanna raised their price target on shares of Patterson-UTI Energy from $29.00 to $33.00 in a research note to investors on Friday. Separately, analysts at RBC Capital raised their price target on shares of Patterson-UTI Energy from $29.00 to $33.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Finally, analysts at Global Hunter Securities upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note to investors on Friday. They now have a $33.00 price target on the stock, up previously from $22.00. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $27.26.
Patterson-UTI Energy (NASDAQ:PTEN) traded up 0.97% during mid-day trading on Friday, hitting $28.14. The stock had a trading volume of 5,396,382 shares. Patterson-UTI Energy has a 52 week low of $18.83 and a 52 week high of $28.64. The stock has a 50-day moving average of $25.3 and a 200-day moving average of $22.95. The company has a market cap of $4.015 billion and a P/E ratio of 17.90.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, February 6th. The company reported $0.11 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.22 by $0.11. The company had revenue of $659.00 million for the quarter, compared to the consensus estimate of $654.60 million. During the same quarter last year, the company posted $0.40 earnings per share. Patterson-UTI Energy’s revenue was up .9% compared to the same quarter last year. Analysts expect that Patterson-UTI Energy will post $1.18 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, March 27th. Shareholders of record on Wednesday, March 12th will be given a dividend of 0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.05.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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