Wolfe Research upgraded shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from a market perform rating to an outperform rating in a research report sent to investors on Friday, The Fly reports.
Other research analysts also recently issued reports about the company. Scotiabank reaffirmed a sector perform rating and set a $27.00 price target (up from $22.00) on shares of Patterson-UTI Energy in a research note on Friday, October 28th. Bank of America Corporation raised Patterson-UTI Energy from a neutral rating to a buy rating in a research report on Wednesday, November 30th. Jefferies Group LLC reiterated a buy rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a report on Wednesday, October 19th. Guggenheim downgraded shares of Patterson-UTI Energy from a buy rating to a neutral rating in a research report on Tuesday, December 6th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Patterson-UTI Energy from a buy rating to a neutral rating and boosted their price target for the company from $25.00 to $30.00 in a research note on Friday, December 16th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $25.93.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 29.47 on Friday. The company’s market capitalization is $4.32 billion. Patterson-UTI Energy has a 52 week low of $13.92 and a 52 week high of $29.76. The stock’s 50 day moving average price is $27.84 and its 200 day moving average price is $23.86.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, February 9th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.54) by $0.01. The company had revenue of $247 million for the quarter, compared to the consensus estimate of $228.83 million. Patterson-UTI Energy had a negative net margin of 34.79% and a negative return on equity of 13.25%. Patterson-UTI Energy’s quarterly revenue was down 27.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.40) EPS. Analysts anticipate that Patterson-UTI Energy will post ($1.44) earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 22nd. Stockholders of record on Wednesday, March 8th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend is Monday, March 6th. Patterson-UTI Energy’s dividend payout ratio is currently -3.69%.
A number of hedge funds and other institutional investors have recently made changes to their positions in PTEN. Tudor Investment Corp Et Al purchased a new position in Patterson-UTI Energy during the fourth quarter worth approximately $242,000. Caxton Associates LP raised its stake in shares of Patterson-UTI Energy by 100.0% in the fourth quarter. Caxton Associates LP now owns 100,000 shares of the company’s stock valued at $2,692,000 after buying an additional 50,000 shares during the period. Sciencast Management LP purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $359,000. Two Sigma Investments LP raised its stake in shares of Patterson-UTI Energy by 418.4% in the fourth quarter. Two Sigma Investments LP now owns 88,612 shares of the company’s stock valued at $2,385,000 after buying an additional 116,444 shares during the period. Finally, Discovery Capital Management LLC CT purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $34,202,000. Institutional investors own 98.84% of the company’s stock.
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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