Patterson-UTI Energy Inc. (PTEN) Shares Up 1.2% on Analyst Upgrade
Shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) rose 1.2% during trading on Tuesday after Citigroup raised their price target on the stock from $21.00 to $26.00. Citigroup currently has a neutral rating on the stock. Patterson-UTI Energy traded as high as $24.36 and last traded at $24.33, with a volume of 4,708,975 shares changing hands. The stock had previously closed at $24.05.
Other analysts have also issued reports about the company. Jefferies Group raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and raised their price objective for the company from $19.00 to $25.00 in a report on Monday, July 11th. Seaport Global Securities raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Friday, July 8th. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, July 5th. Gabelli raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Wednesday, September 14th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $26.00 price target on shares of Patterson-UTI Energy in a research note on Thursday, September 15th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $19.84.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors L.L.C. boosted its position in Patterson-UTI Energy by 16.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 87,150 shares of the company’s stock valued at $1,536,000 after buying an additional 12,600 shares in the last quarter. Virginia Retirement System acquired a new position in Patterson-UTI Energy during the first quarter valued at about $416,000. TIAA CREF Investment Management LLC boosted its position in Patterson-UTI Energy by 15.1% in the first quarter. TIAA CREF Investment Management LLC now owns 1,796,366 shares of the company’s stock valued at $31,652,000 after buying an additional 236,273 shares in the last quarter. Teachers Advisors Inc. boosted its position in Patterson-UTI Energy by 5.2% in the first quarter. Teachers Advisors Inc. now owns 1,137,143 shares of the company’s stock valued at $20,036,000 after buying an additional 56,090 shares in the last quarter. Finally, BlackRock Inc. boosted its position in Patterson-UTI Energy by 15.1% in the first quarter. BlackRock Inc. now owns 69,185 shares of the company’s stock valued at $1,219,000 after buying an additional 9,085 shares in the last quarter.
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The firm’s market capitalization is $3.56 billion. The stock has a 50-day moving average of $20.35 and a 200-day moving average of $19.53.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the 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 business had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $193.19 million. During the same quarter last year, the firm earned ($0.13) earnings per share. The business’s revenue was down 59.0% on a year-over-year basis. Equities analysts predict that Patterson-UTI Energy Inc. 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. Investors of record on Thursday, September 8th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date was Tuesday, September 6th. Patterson-UTI Energy’s payout ratio is currently -2.67%.
About Patterson-UTI Energy
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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