Patterson-UTI Energy Price Target Increased to $34.00 by Analysts at Cowen and Company (PTEN)
Equities research analysts at Cowen and Company lifted their price target on shares of Patterson-UTI Energy (NASDAQ:PTEN) from $29.00 to $34.00 in a research note issued to investors on Monday, Stock Ratings Network reports. Cowen and Company’s price objective suggests a potential upside of 5.36% from the company’s current price.
A number of other analysts have also recently weighed in on PTEN. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Friday. They now have a $37.00 price target on the stock. Separately, analysts at Barclays raised their price target on shares of Patterson-UTI Energy from $30.00 to $34.00 in a research note on Wednesday, April 16th. They now have an “overweight” rating on the stock. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $30.97.
Patterson-UTI Energy (NASDAQ:PTEN) traded up 0.16% during mid-day trading on Monday, hitting $32.27. 2,962,939 shares of the company’s stock traded hands. Patterson-UTI Energy has a one year low of $18.83 and a one year high of $33.90. The stock’s 50-day moving average is $31.11 and its 200-day moving average is $26.85. The company has a market cap of $4.606 billion and a P/E ratio of 25.17.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings data on Thursday, April 24th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by $0.01. The company had revenue of $678.00 million for the quarter, compared to the consensus estimate of $679.52 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, analysts predict that Patterson-UTI Energy will post $1.39 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, June 26th. Stockholders of record on Thursday, June 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 1.24%. The ex-dividend date of this dividend is Tuesday, June 10th.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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