Patterson-UTI Energy, Inc. (PTEN) Given Consensus Rating of “Buy” by Analysts
Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given a consensus recommendation of “Buy” by the twenty-nine analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, ten have given a hold recommendation and eighteen have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $26.32.
A number of research firms have issued reports on PTEN. Royal Bank Of Canada reissued a “buy” rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. Jefferies Group LLC set a $26.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, October 5th. Deutsche Bank AG began coverage on Patterson-UTI Energy in a research report on Tuesday, October 10th. They issued a “buy” rating and a $25.00 target price for the company. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Wednesday, October 11th. Finally, Citigroup Inc. set a $24.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, October 5th.
Hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. lifted its stake in Patterson-UTI Energy by 60.9% during the second quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after purchasing an additional 1,205,084 shares during the last quarter. State Street Corp lifted its stake in Patterson-UTI Energy by 10.1% during the first quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after purchasing an additional 418,702 shares during the last quarter. Federated Investors Inc. PA lifted its stake in Patterson-UTI Energy by 9.9% during the second quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock worth $2,779,000 after purchasing an additional 12,454 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Patterson-UTI Energy by 59.9% during the second quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock worth $66,229,000 after purchasing an additional 1,228,607 shares during the last quarter. Finally, Scout Investments Inc. lifted its stake in Patterson-UTI Energy by 101.7% during the second quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock worth $21,182,000 after purchasing an additional 529,023 shares during the last quarter. 98.70% of the stock is owned by hedge funds and other institutional investors.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded up 0.91% on Wednesday, reaching $19.96. The company’s stock had a trading volume of 2,456,858 shares. The firm’s 50 day moving average is $19.79 and its 200-day moving average is $19.78. The stock’s market cap is $4.23 billion. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.80% and a negative net margin of 14.73%. The business had revenue of $684.99 million during the quarter, compared to the consensus estimate of $688.05 million. During the same period last year, the business posted ($0.58) earnings per share. The business’s revenue for the quarter was up 232.3% on a year-over-year basis. On average, equities research analysts forecast that Patterson-UTI Energy will post ($0.86) EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -5.16%.
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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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