Patterson-UTI Energy Inc. (PTEN) Receives “Buy” Rating from Jefferies Group
Patterson-UTI Energy Inc. (NASDAQ:PTEN)‘s stock had its “buy” rating reaffirmed by Jefferies Group in a research note issued to investors on Wednesday. They currently have a $29.00 price objective on the stock. Jefferies Group’s price target points to a potential upside of 19.88% from the stock’s previous close.
A number of other brokerages have also weighed in on PTEN. KLR Group reissued a “hold” rating and issued a $29.00 price target on shares of Patterson-UTI Energy in a report on Friday, July 15th. Citigroup Inc. lowered their price target on shares of Patterson-UTI Energy from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Monday, September 12th. Simmons raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $17.50 to $23.00 in a report on Wednesday, June 29th. Piper Jaffray Cos. raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a report on Wednesday, June 29th. Finally, Nomura set a $18.00 price target on shares of Patterson-UTI Energy and gave the company a “hold” rating in a report on Tuesday, August 16th. 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. The stock currently has a consensus rating of “Hold” and a consensus target price of $20.00.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 24.19 on Wednesday. The firm’s 50-day moving average is $20.95 and its 200 day moving average is $19.82. The firm’s market capitalization is $3.54 billion. Patterson-UTI Energy has a 52 week low of $10.94 and a 52 week high of $25.01.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/19/patterson-uti-energy-inc-pten-receives-buy-rating-from-jefferies-group.html
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.63) by $0.05. The company earned $193.90 million during the quarter, compared to analyst estimates of $193.19 million. Patterson-UTI Energy had a negative net margin of 36.04% and a negative return on equity of 10.09%. The company’s revenue was down 59.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.13) earnings per share. Equities research analysts forecast that Patterson-UTI Energy will post ($2.34) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th were paid a dividend of $0.02 per share. The ex-dividend date was Tuesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.33%. Patterson-UTI Energy’s dividend payout ratio is presently -2.67%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Patterson-UTI Energy by 13.1% in the first quarter. Wellington Management Group LLP now owns 17,460,529 shares of the company’s stock valued at $307,655,000 after buying an additional 2,016,269 shares in the last quarter. Thrivent Financial for Lutherans raised its position in Patterson-UTI Energy by 154.4% in the second quarter. Thrivent Financial for Lutherans now owns 1,907,240 shares of the company’s stock valued at $40,663,000 after buying an additional 1,157,420 shares in the last quarter. Scout Investments Inc. purchased a new position in Patterson-UTI Energy during the second quarter valued at $22,101,000. Waddell & Reed Financial Inc. raised its position in Patterson-UTI Energy by 99.2% in the second quarter. Waddell & Reed Financial Inc. now owns 2,022,280 shares of the company’s stock valued at $43,115,000 after buying an additional 1,006,850 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Patterson-UTI Energy by 50.4% in the second quarter. Lord Abbett & CO. LLC now owns 2,696,487 shares of the company’s stock valued at $57,489,000 after buying an additional 903,103 shares in the last quarter.
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.
Receive News & Ratings for Patterson-UTI Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy Inc. and related companies with MarketBeat.com's FREE daily email newsletter.