Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received a consensus recommendation of “Buy” from the thirty brokerages that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $26.89.
Several equities research analysts have recently weighed in on PTEN shares. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Saturday, June 24th. Piper Jaffray Companies set a $22.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, July 27th. Jefferies Group LLC set a $26.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Saturday, July 29th. UBS AG reissued a “buy” rating and set a $25.00 target price (down previously from $35.00) on shares of Patterson-UTI Energy in a research report on Monday, July 31st. They noted that the move was a valuation call. Finally, Citigroup Inc. raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the stock from $21.00 to $19.00 in a research report on Wednesday, August 30th.
Several institutional investors have recently bought and sold shares of the stock. Frontier Investment Mgmt Co. purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $4,416,000. Benefit Street Partners LLC boosted its stake in shares of Patterson-UTI Energy by 30.1% in the second quarter. Benefit Street Partners LLC now owns 255,528 shares of the oil and gas company’s stock valued at $5,159,000 after buying an additional 59,053 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of Patterson-UTI Energy by 6.2% in the second quarter. Lord Abbett & CO. LLC now owns 1,217,216 shares of the oil and gas company’s stock valued at $24,576,000 after buying an additional 70,913 shares in the last quarter. Ashburton Jersey Ltd boosted its stake in shares of Patterson-UTI Energy by 43.4% in the second quarter. Ashburton Jersey Ltd now owns 87,540 shares of the oil and gas company’s stock valued at $1,767,000 after buying an additional 26,500 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of Patterson-UTI Energy by 15.0% in the second quarter. California State Teachers Retirement System now owns 383,913 shares of the oil and gas company’s stock valued at $7,751,000 after buying an additional 50,038 shares in the last quarter. Hedge funds and other institutional investors own 98.56% of the company’s stock.
Shares of Patterson-UTI Energy (PTEN) traded down 0.43% during midday trading on Friday, hitting $20.95. The stock had a trading volume of 2,403,106 shares. The stock’s market cap is $4.44 billion. Patterson-UTI Energy has a one year low of $14.83 and a one year high of $29.76. The firm has a 50 day moving average price of $18.31 and a 200 day moving average price of $20.30.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The business had revenue of $579.00 million for the quarter, compared to analyst estimates of $556.47 million. During the same quarter last year, the company earned ($0.58) EPS. The business’s quarterly revenue was up 198.5% on a year-over-year basis. On average, equities analysts forecast that Patterson-UTI Energy will post ($0.90) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, September 7th were paid a $0.02 dividend. The ex-dividend date was Wednesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.38%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.06%.
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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.
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