Patterson-UTI Energy Upgraded to Buy at Global Hunter Securities (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by research analysts at Global Hunter Securities from a “neutral” rating to a “buy” rating in a report released on Friday, TheFlyOnTheWall.com reports. The firm currently has a $33.00 price target on the stock, up from their previous price target of $22.00. Global Hunter Securities’ price target would indicate a potential upside of 17.27% from the stock’s previous close.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 28.14 on Friday. Patterson-UTI Energy has a one year low of $18.83 and a one year high of $28.64. The stock’s 50-day moving average is $25.3 and its 200-day moving average is $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 (EPS) for the quarter, missing the 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 in the previous year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. Analysts expect that Patterson-UTI Energy will post $1.18 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, March 27th. Stockholders of record on Wednesday, March 12th will be paid a dividend of 0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Monday, March 10th. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.05.
Other equities research analysts have also recently issued reports about the stock. Analysts at Guggenheim downgraded shares of Patterson-UTI Energy from a “neutral” rating to a “sell” rating in a research note to investors on Tuesday, January 28th. They now have a $19.00 price target on the stock, down previously from $24.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Patterson-UTI Energy in a research note to investors on Friday, January 24th. They now have a $27.00 price target on the stock. Finally, analysts at RBC Capital upgraded shares of Patterson-UTI Energy from a “sector perform” rating to an “outperform” rating in a research note to investors on Wednesday, January 8th. They now have a $29.00 price target on the stock, up previously from $25.00. One analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $27.26.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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