Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Neutral Rating at Seaport Global Securities
Patterson-UTI Energy, Inc. (NASDAQ:PTEN)‘s stock had its “neutral” rating reiterated by research analysts at Seaport Global Securities in a report issued on Thursday.
A number of other research analysts have also issued reports on the stock. Royal Bank Of Canada restated a “buy” rating and set a $29.00 target price on shares of Patterson-UTI Energy in a research report on Thursday. BMO Capital Markets restated a “hold” rating and set a $23.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, July 13th. Piper Jaffray Companies restated a “neutral” rating and set a $20.50 target price (down previously from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday, July 12th. Cowen and Company restated a “hold” rating and set a $24.00 target price on shares of Patterson-UTI Energy in a research report on Tuesday, July 11th. Finally, BidaskClub upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $27.54.
Shares of Patterson-UTI Energy (PTEN) opened at 19.75 on Thursday. The firm’s market capitalization is $3.26 billion. The stock has a 50 day moving average price of $20.34 and a 200 day moving average price of $23.98. 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 released its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.44) by $0.02. The firm had revenue of $305.20 million for the quarter, compared to analysts’ expectations of $294.82 million. Patterson-UTI Energy had a negative net margin of 32.74% and a negative return on equity of 13.10%. The business’s revenue was up 13.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.48) EPS. On average, analysts expect that Patterson-UTI Energy will post ($1.04) earnings per share for the current year.
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Institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in 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 during the last quarter. LS Investment Advisors LLC boosted its stake in 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 during the last quarter. First Mercantile Trust Co. bought a new stake in Patterson-UTI Energy during the first quarter worth approximately $263,000. Timber Hill LLC bought a new stake in Patterson-UTI Energy during the first quarter worth approximately $269,000. Finally, Capstone Asset Management Co. boosted its stake in Patterson-UTI Energy by 3.4% in the second quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock worth $282,000 after buying an additional 460 shares during the last quarter. 84.97% 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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