Citigroup Inc. Boosts Patterson-UTI Energy Inc. (PTEN) Price Target to $26.00
Patterson-UTI Energy Inc. (NASDAQ:PTEN) had its price target boosted by research analysts at Citigroup Inc. from $21.00 to $26.00 in a research report issued on Tuesday. The firm currently has a “neutral” rating on the stock. Citigroup Inc.’s price target points to a potential upside of 8.11% from the stock’s current price.
PTEN has been the topic of several other reports. Piper Jaffray Cos. raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a report on Wednesday, June 29th. DA Davidson reissued a “buy” rating and issued a $26.00 target price on shares of Patterson-UTI Energy in a report on Thursday, September 15th. Seaport Global Securities upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Friday, July 8th. Goldman Sachs Group Inc. restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, July 5th. Finally, Scotiabank restated a “sector perform” rating and issued a $22.00 price target (up from $20.00) on shares of Patterson-UTI Energy in a research note on Monday, June 20th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. Patterson-UTI Energy currently has an average rating of “Hold” and a consensus price target of $19.84.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded down 0.478% during midday trading on Tuesday, reaching $23.935. 2,765,803 shares of the company’s stock traded hands. The stock’s market cap is $3.50 billion. Patterson-UTI Energy has a 52-week low of $10.94 and a 52-week high of $24.15. The stock has a 50-day moving average price of $20.35 and a 200-day moving average price of $19.53.
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Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, July 28th. The company reported ($0.58) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.05. Patterson-UTI Energy had a negative net margin of 36.04% and a negative return on equity of 10.09%. The firm had revenue of $193.90 million for the quarter, compared to analyst estimates of $193.19 million. During the same period last year, the firm earned ($0.13) EPS. The business’s quarterly revenue was down 59.0% compared to the same quarter last year. Analysts forecast that Patterson-UTI Energy will post ($2.34) earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th were paid a $0.02 dividend. The ex-dividend date of this dividend was Tuesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.33%. Patterson-UTI Energy’s payout ratio is -2.67%.
Hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its position in shares of 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 position in shares of 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 bought a new position in shares of Patterson-UTI Energy during the second quarter worth $220,000. Amica Retiree Medical Trust bought a new position in shares of Patterson-UTI Energy during the second quarter worth $253,000. Finally, Cubist Systematic Strategies LLC increased its position in shares of 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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