Patterson-UTI Energy, Inc. (PTEN) Given Consensus Recommendation of “Hold” by Analysts
Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have earned an average rating of “Hold” from the thirty-three analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, fifteen have assigned a hold recommendation and seventeen have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $27.70.
Several research analysts have recently issued reports on the stock. Royal Bank Of Canada set a $35.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Saturday. Seaport Global Securities downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $29.00 to $21.00 in a research note on Wednesday, June 21st. BidaskClub upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Jefferies Group LLC set a $32.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $35.00 target price on shares of Patterson-UTI Energy in a research note on Tuesday, June 6th.
Patterson-UTI Energy (NASDAQ PTEN) traded up 0.40% during midday trading on Tuesday, hitting $19.87. 2,581,870 shares of the company were exchanged. The firm’s market capitalization is $3.28 billion. The stock has a 50 day moving average of $21.21 and a 200 day moving average of $25.05. Patterson-UTI Energy has a 1-year low of $17.61 and a 1-year high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.02. Patterson-UTI Energy had a negative net margin of 32.74% and a negative return on equity of 13.10%. The business had revenue of $305.20 million for the quarter, compared to analyst estimates of $294.82 million. During the same quarter in the previous year, the firm posted ($0.48) earnings per share. Patterson-UTI Energy’s quarterly revenue was up 13.5% on a year-over-year basis. On average, equities analysts predict that Patterson-UTI Energy will post ($1.05) earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Tuesday, June 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.40%. Patterson-UTI Energy’s dividend payout ratio is currently -3.83%.
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Hedge funds have recently made changes to their positions in the stock. Nikko Asset Management Americas Inc. boosted its stake in shares of Patterson-UTI Energy by 0.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 13,500 shares of the oil and gas company’s stock worth $328,000 after buying an additional 100 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after buying an additional 683 shares in the last quarter. LS Investment Advisors LLC boosted its stake in shares of Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock worth $262,000 after buying an additional 754 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Patterson-UTI Energy by 7.3% in the first quarter. Capstone Asset Management Co. now owns 13,494 shares of the oil and gas company’s stock worth $327,000 after buying an additional 920 shares in the last quarter. Finally, United Services Automobile Association boosted its stake in shares of Patterson-UTI Energy by 0.5% in the first quarter. United Services Automobile Association now owns 201,090 shares of the oil and gas company’s stock worth $4,880,000 after buying an additional 1,090 shares in the last quarter. 85.20% of the stock is owned by institutional investors and hedge funds.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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