Patterson-UTI Energy, Inc. (PTEN) Receives Consensus Recommendation of “Buy” from Brokerages

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has earned a consensus rating of “Buy” from the twenty-nine ratings firms that are currently covering the firm, MarketBeat reports. Seven analysts have rated the stock with a hold recommendation and twenty-one have given a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $26.88.

PTEN has been the subject of a number of recent research reports. BidaskClub upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Saturday. Scotiabank upgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday. Scotia Howard Weill upgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday. Howard Weil upgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday. Finally, Cowen set a $30.00 target price on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a report on Thursday.

In related news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.60% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the stock. Gluskin Sheff & Assoc Inc. boosted its position in Patterson-UTI Energy by 7.1% in the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after purchasing an additional 780 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Patterson-UTI Energy by 11.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after purchasing an additional 1,089 shares in the last quarter. World Asset Management Inc boosted its position in Patterson-UTI Energy by 22.5% in the 3rd quarter. World Asset Management Inc now owns 15,096 shares of the oil and gas company’s stock worth $316,000 after purchasing an additional 2,772 shares in the last quarter. LS Investment Advisors LLC boosted its position in Patterson-UTI Energy by 22.5% in the 3rd quarter. LS Investment Advisors LLC now owns 16,535 shares of the oil and gas company’s stock worth $346,000 after purchasing an additional 3,038 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its position in Patterson-UTI Energy by 11.6% in the 3rd quarter. Pacer Advisors Inc. now owns 33,876 shares of the oil and gas company’s stock worth $709,000 after purchasing an additional 3,522 shares in the last quarter. Institutional investors own 97.71% of the company’s stock.

Patterson-UTI Energy (NASDAQ PTEN) remained flat at $$24.70 during trading hours on Monday. The stock had a trading volume of 3,706,473 shares, compared to its average volume of 3,427,367. 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 market capitalization of $5,494.38, a PE ratio of -15.94 and a beta of 1.09. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17.

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 for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The company had revenue of $684.99 million during the quarter, compared to analyst estimates of $688.05 million. During the same period in the prior year, the firm earned ($0.58) earnings per share. The firm’s revenue for the quarter was up 232.3% compared to the same quarter last year. sell-side analysts predict that Patterson-UTI Energy will post -0.8 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Investors of record on Thursday, December 7th were issued a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.32%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -5.16%.

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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.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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