Patterson-UTI Energy Inc. (PTEN) Shares Down 3.2%
Patterson-UTI Energy Inc. (NASDAQ:PTEN) fell 3.2% during trading on Tuesday . The stock traded as low as $18.44 and last traded at $18.65, with a volume of 2,531,621 shares traded. The stock had previously closed at $19.26.
Several research firms have commented on PTEN. Goldman Sachs Group Inc. restated a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, July 5th. Citigroup Inc. upped their price objective on Patterson-UTI Energy from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 13th. Jefferies Group upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and upped their price objective for the stock from $19.00 to $25.00 in a research report on Monday, July 11th. KLR Group restated a “hold” rating and issued a $29.00 price objective on shares of Patterson-UTI Energy in a research report on Friday, July 15th. Finally, Gabelli began coverage on Patterson-UTI Energy in a research report on Thursday, June 16th. They issued a “hold” rating on the stock. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $19.64.
The stock has a 50 day moving average price of $19.84 and a 200 day moving average price of $19.16. The company’s market capitalization is $2.75 billion.
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Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.63) by $0.05. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. The firm had revenue of $193.90 million for the quarter, compared to the consensus estimate of $193.19 million. During the same period in the previous year, the business earned ($0.13) earnings per share. The company’s revenue for the quarter was down 59.0% compared to the same quarter last year. On average, analysts anticipate that Patterson-UTI Energy Inc. will post ($2.34) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, September 8th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Tuesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.43%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -2.67%.
Several hedge funds have recently bought and sold shares of PTEN. PNC Financial Services Group Inc. increased its stake in Patterson-UTI Energy by 89.3% in the second quarter. PNC Financial Services Group Inc. now owns 8,732 shares of the company’s stock worth $186,000 after buying an additional 4,118 shares during the period. LS Investment Advisors LLC increased its stake in Patterson-UTI Energy by 76.1% in the second quarter. LS Investment Advisors LLC now owns 8,822 shares of the company’s stock worth $188,000 after buying an additional 3,811 shares during the period. DNB Asset Management AS acquired a new stake in Patterson-UTI Energy during the second quarter worth $220,000. Amica Retiree Medical Trust acquired a new stake in Patterson-UTI Energy during the second quarter worth $253,000. Finally, Cubist Systematic Strategies LLC increased its stake in Patterson-UTI Energy by 102.1% in the second quarter. Cubist Systematic Strategies LLC now owns 11,864 shares of the company’s stock worth $253,000 after buying an additional 5,993 shares during the period.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
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