Shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) hit a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $21.00 to $26.00. Citigroup currently has a neutral rating on the stock. Patterson-UTI Energy traded as high as $24.50 and last traded at $24.28, with a volume of 2,185,100 shares. The stock had previously closed at $24.33.
A number of other analysts have also recently weighed in on PTEN. KLR Group reissued a “hold” rating and set a $29.00 target price on shares of Patterson-UTI Energy in a report on Friday, July 15th. Howard Weil increased their target price on shares of Patterson-UTI Energy from $20.00 to $22.00 and gave the stock a “sector perform” rating in a report on Monday, June 20th. Gabelli began coverage on shares of Patterson-UTI Energy in a report on Thursday, June 16th. They set a “hold” rating on the stock. Piper Jaffray Cos. raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a report on Wednesday, June 29th. Finally, Nomura set a $18.00 price objective on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a report on Tuesday, August 16th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Patterson-UTI Energy has a consensus rating of “Hold” and a consensus price target of $19.84.
Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in Patterson-UTI Energy by 13.1% in the first quarter. Wellington Management Group LLP now owns 17,460,529 shares of the company’s stock worth $307,655,000 after buying an additional 2,016,269 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Patterson-UTI Energy by 154.4% in the second quarter. Thrivent Financial for Lutherans now owns 1,907,240 shares of the company’s stock valued at $40,663,000 after buying an additional 1,157,420 shares during the last quarter. Scout Investments Inc. acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at $22,101,000. Waddell & Reed Financial Inc. raised its position in shares of Patterson-UTI Energy by 99.2% in the second quarter. Waddell & Reed Financial Inc. now owns 2,022,280 shares of the company’s stock valued at $43,115,000 after buying an additional 1,006,850 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its position in shares of Patterson-UTI Energy by 50.4% in the second quarter. Lord Abbett & CO. LLC now owns 2,696,487 shares of the company’s stock valued at $57,489,000 after buying an additional 903,103 shares during the last quarter.
The firm’s 50-day moving average is $20.55 and its 200 day moving average is $19.60. The firm’s market cap is $3.54 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.63) by $0.05. The firm earned $193.90 million during the quarter, compared to analysts’ expectations of $193.19 million. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. The company’s quarterly revenue was down 59.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.13) EPS. On average, equities research analysts expect that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th were issued a dividend of $0.02 per share. The ex-dividend date was Tuesday, September 6th. This represents a $0.08 annualized dividend and a yield of 0.33%. Patterson-UTI Energy’s dividend payout ratio is currently -2.67%.
About Patterson-UTI Energy
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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