Patterson-UTI Energy, Inc. (PTEN) Stock Rating Reaffirmed by BMO Capital Markets
Patterson-UTI Energy, Inc. (NASDAQ:PTEN)‘s stock had its “hold” rating reiterated by BMO Capital Markets in a research note issued on Thursday. They currently have a $23.00 price objective on the oil and gas company’s stock. BMO Capital Markets’ price objective indicates a potential upside of 12.58% from the stock’s previous close.
A number of other brokerages also recently weighed in on PTEN. Piper Jaffray Companies restated a “neutral” rating and set a $20.50 price objective (down previously from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday. Morgan Stanley reiterated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, April 28th. Zacks Investment Research downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th. Scotiabank reiterated a “hold” rating and issued a $30.00 price target on shares of Patterson-UTI Energy in a research report on Wednesday, March 22nd. Finally, Jefferies Group LLC set a $35.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Patterson-UTI Energy has an average rating of “Hold” and an average price target of $27.42.
Patterson-UTI Energy (NASDAQ:PTEN) traded up 2.10% during trading on Thursday, hitting $20.43. 3,269,366 shares of the company’s stock traded hands. The stock’s market cap is $3.37 billion. The company’s 50 day moving average is $20.88 and its 200-day moving average is $24.65. Patterson-UTI Energy has a 12 month low of $17.61 and a 12 month high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.44) by $0.02. The company had revenue of $305.20 million for the quarter, compared to the consensus estimate of $294.82 million. Patterson-UTI Energy had a negative net margin of 20.82% and a negative return on equity of 10.38%. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.48) earnings per share. On average, analysts predict that Patterson-UTI Energy will post ($1.03) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date was Tuesday, June 6th. Patterson-UTI Energy’s dividend payout ratio is presently -3.83%.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Patterson-UTI Energy by 11,291.0% in the first quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock worth $350,991,000 after buying an additional 14,334,961 shares in the last quarter. Jennison Associates LLC boosted its position in Patterson-UTI Energy by 51.8% in the first quarter. Jennison Associates LLC now owns 5,801,622 shares of the oil and gas company’s stock worth $140,805,000 after buying an additional 1,979,263 shares in the last quarter. Bank of America Corp DE boosted its position in Patterson-UTI Energy by 154.9% in the first quarter. Bank of America Corp DE now owns 2,849,697 shares of the oil and gas company’s stock worth $69,161,000 after buying an additional 1,731,711 shares in the last quarter. Vanguard Group Inc. boosted its position in Patterson-UTI Energy by 14.4% in the first quarter. Vanguard Group Inc. now owns 13,645,829 shares of the oil and gas company’s stock worth $331,184,000 after buying an additional 1,719,414 shares in the last quarter. Finally, Norges Bank bought a new position in Patterson-UTI Energy during the fourth quarter worth $38,534,000. Institutional investors own 84.94% of the company’s stock.
About Patterson-UTI Energy
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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