Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by Scotia Howard Weill from a “sector perform” rating to a “sector outperform” rating in a note issued to investors on Friday.
Several other equities analysts have also recently issued reports on the company. Howard Weil raised Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research report on Friday. Cowen set a $30.00 price objective on Patterson-UTI Energy and gave the company a “hold” rating in a research report on Thursday. Stephens assumed coverage on Patterson-UTI Energy in a research report on Tuesday. They issued an “overweight” rating and a $29.00 price objective on the stock. Jefferies Group set a $30.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, January 4th. Finally, SunTrust Banks upped their price objective on Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $27.40.
Patterson-UTI Energy (PTEN) remained flat at $$24.70 during mid-day trading on Friday. 3,706,473 shares of the company were exchanged, compared to its average volume of 3,140,000. The firm has a market capitalization of $5,490.00, a P/E ratio of -15.94 and a beta of 1.08. Patterson-UTI Energy has a fifty-two week low of $14.83 and a fifty-two week high of $29.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.04. The business had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The firm’s quarterly revenue was up 232.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.58) EPS. research analysts forecast that Patterson-UTI Energy will post -0.8 EPS for the current fiscal year.
In other news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.60% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlueMountain Capital Management LLC increased its stake in shares of Patterson-UTI Energy by 8,571.3% in the 2nd quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock worth $75,952,000 after purchasing an additional 3,718,478 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth $67,664,000. Vanguard Group Inc. increased its stake in shares of Patterson-UTI Energy by 22.8% in the 2nd quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after purchasing an additional 3,115,388 shares in the last quarter. Axar Capital Management L.P. purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth $59,956,000. Finally, Fuller & Thaler Asset Management Inc. increased its stake in shares of Patterson-UTI Energy by 285.0% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 2,722,481 shares of the oil and gas company’s stock worth $57,009,000 after purchasing an additional 2,015,336 shares in the last quarter. 97.71% of the stock is currently owned by hedge funds and other institutional investors.
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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.