Patterson-UTI Energy Receives Consensus Recommendation of “Buy” from Analysts (NASDAQ:PTEN)
Shares of Patterson-UTI Energy (NASDAQ:PTEN) have been given an average recommendation of “Buy” by the eighteen analysts that are currently covering the company, AR Network reports. Five investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $31.84.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 33.73 on Tuesday. Patterson-UTI Energy has a 52 week low of $18.83 and a 52 week high of $34.28. The stock has a 50-day moving average of $32.90 and a 200-day moving average of $29.1. The company has a market cap of $4.832 billion and a P/E ratio of 29.77.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings data on Thursday, April 24th. The company reported $0.24 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.38 earnings per share. Patterson-UTI Energy’s revenue was up 1.7% compared to the same quarter last year. Analysts expect that Patterson-UTI Energy will post $1.42 EPS for the current fiscal year.
A number of research firms have recently commented on PTEN. Analysts at Wunderlich raised their price target on shares of Patterson-UTI Energy from $29.00 to $34.00 in a research note on Monday, June 9th. They now have a “hold” rating on the stock. Separately, analysts at Cowen and Company raised their price target on shares of Patterson-UTI Energy from $29.00 to $34.00 in a research note on Monday, April 28th. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Friday, April 25th. They now have a $37.00 price target on the stock.
In other Patterson-UTI Energy news, SVP Kenneth N. Berns sold 85,000 shares of Patterson-UTI Energy stock on the open market in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $33.62, for a total value of $2,857,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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