Patterson-UTI Energy Inc. (PTEN) Reaches New 12-Month High After Analyst Upgrade
Patterson-UTI Energy Inc. (NASDAQ:PTEN)’s share price hit a new 52-week high during mid-day trading on Wednesday 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 $24.50 and last traded at $24.28, with a volume of 2,185,100 shares traded. The stock had previously closed at $24.33.
A number of other equities analysts also recently issued reports on the company. Bank of America Corp. raised Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research note on Tuesday, August 16th. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, July 5th. DA Davidson reaffirmed a “buy” rating and issued a $26.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, September 15th. Macquarie downgraded Patterson-UTI Energy from a “neutral” rating to an “underperform” rating and set a $14.00 price objective for the company. in a research note on Tuesday, August 9th. Finally, Seaport Global Securities raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Friday, July 8th. Five investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Patterson-UTI Energy currently has an average rating of “Hold” and a consensus target price of $19.84.
Several hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake 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 last quarter. LS Investment Advisors LLC raised its stake 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 last quarter. DNB Asset Management AS acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth about $220,000. Amica Retiree Medical Trust acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth about $253,000. Finally, Cubist Systematic Strategies LLC raised its stake 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 last quarter.
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The firm’s market cap is $3.55 billion. The stock has a 50 day moving average price of $20.46 and a 200 day moving average price of $19.57.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly 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 business had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $193.19 million. During the same period in the previous year, the company posted ($0.13) EPS. Patterson-UTI Energy’s revenue was down 59.0% on a year-over-year basis. On average, equities research analysts predict that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is currently -2.67%.
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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