Patterson-UTI Energy, Inc. (PTEN) Cut to “Underweight” at Stephens

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was downgraded by stock analysts at Stephens from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Thursday, The Fly reports.

Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 16.26 on Thursday. The firm’s 50-day moving average price is $13.61 and its 200 day moving average price is $14.66. The company’s market capitalization is $2.37 billion. Patterson-UTI Energy has a 52-week low of $10.94 and a 52-week high of $23.11.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, February 4th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.08. The company earned $338.60 million during the quarter, compared to analysts’ expectations of $322.39 million. During the same quarter in the previous year, the firm earned $0.39 EPS. The firm’s revenue for the quarter was down 62.4% compared to the same quarter last year. On average, equities analysts forecast that Patterson-UTI Energy will post ($2.26) earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 24th. Shareholders of record on Thursday, March 10th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, March 8th. This represents a $0.40 dividend on an annualized basis and a yield of 2.46%.

Other institutional investors recently modified their holdings of the company. Tocqueville Asset Management L.P. increased its position in shares of Patterson-UTI Energy by 0.7% in the fourth quarter. Tocqueville Asset Management L.P. now owns 136,915 shares of the company’s stock worth $2,065,000 after buying an additional 900 shares in the last quarter. Swiss National Bank increased its position in shares of Patterson-UTI Energy by 0.8% in the fourth quarter. Swiss National Bank now owns 201,000 shares of the company’s stock worth $3,031,000 after buying an additional 1,500 shares in the last quarter. Retirement Systems of Alabama increased its position in shares of Patterson-UTI Energy by 0.3% in the fourth quarter. Retirement Systems of Alabama now owns 752,119 shares of the company’s stock worth $11,342,000 after buying an additional 2,444 shares in the last quarter. BOKF NA increased its position in shares of Patterson-UTI Energy by 2.7% in the fourth quarter. BOKF NA now owns 111,343 shares of the company’s stock worth $1,679,000 after buying an additional 2,947 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in shares of Patterson-UTI Energy by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 280,755 shares of the company’s stock worth $4,234,000 after buying an additional 4,464 shares in the last quarter.

Several other analysts have also recently commented on PTEN. Simmons cut shares of Patterson-UTI Energy from an “overweight” rating to a “neutral” rating in a research note on Tuesday, January 12th. SunTrust boosted their price target on shares of Patterson-UTI Energy from $13.00 to $14.00 in a research note on Wednesday, January 13th. KLR Group decreased their price target on shares of Patterson-UTI Energy from $23.00 to $22.00 in a research note on Friday, February 5th. Wells Fargo upgraded shares of Patterson-UTI Energy from a “market perform” rating to an “outperform” rating in a research note on Monday, January 11th. Finally, Raymond James decreased their price target on shares of Patterson-UTI Energy from $18.00 to $17.00 in a research note on Thursday, January 14th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $18.38.

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 markets its contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.

12 Month Chart for NASDAQ:PTEN

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