Patterson-UTI Energy Inc. (NASDAQ:PTEN) has received an average rating of “Hold” from the thirty-two ratings firms that are presently covering the firm. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $20.18.
PTEN has been the topic of a number of research analyst reports. Gabelli initiated coverage on shares of Patterson-UTI Energy in a research report on Thursday, June 16th. They set a “hold” rating on the stock. Howard Weil increased their price objective on shares of Patterson-UTI Energy from $20.00 to $22.00 and gave the company a “sector perform” rating in a research report on Monday, June 20th. Scotiabank restated a “sector perform” rating and set a $22.00 price objective (up previously from $20.00) on shares of Patterson-UTI Energy in a research report on Monday, June 20th. Piper Jaffray Cos. upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a research report on Wednesday, June 29th. Finally, Simmons upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $17.50 to $23.00 in a research report on Wednesday, June 29th.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 23.02 on Tuesday. The stock’s 50 day moving average is $20.27 and its 200-day moving average is $19.44. Patterson-UTI Energy has a 12-month low of $10.94 and a 12-month high of $23.29. The company’s market capitalization is $3.37 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.63) by $0.05. The company had revenue of $193.90 million for the quarter, compared to the consensus estimate of $193.19 million. Patterson-UTI Energy had a negative net margin of 36.04% and a negative return on equity of 10.09%. The firm’s revenue for the quarter was down 59.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. Analysts anticipate that Patterson-UTI Energy will post ($2.34) earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -2.67%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its position in Patterson-UTI Energy by 89.3% in the second quarter. PNC Financial Services Group Inc. now owns 8,732 shares of the company’s stock worth $186,000 after buying an additional 4,118 shares during the period. LS Investment Advisors LLC increased its position in Patterson-UTI Energy by 76.1% in the second quarter. LS Investment Advisors LLC now owns 8,822 shares of the company’s stock worth $188,000 after buying an additional 3,811 shares during the period. DNB Asset Management AS acquired a new position in Patterson-UTI Energy during the second quarter worth approximately $220,000. Amica Retiree Medical Trust acquired a new position in Patterson-UTI Energy during the second quarter worth approximately $253,000. Finally, Cubist Systematic Strategies LLC increased its position in Patterson-UTI Energy by 102.1% in the second quarter. Cubist Systematic Strategies LLC now owns 11,864 shares of the company’s stock worth $253,000 after buying an additional 5,993 shares during the period.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
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