Patterson-UTI Energy (PTEN) Stock Rating Reaffirmed by Seaport Global Securities

Seaport Global Securities restated their hold rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report report published on Monday. They currently have a $24.00 price target on the oil and gas company’s stock. Seaport Global Securities also issued estimates for Patterson-UTI Energy’s Q1 2018 earnings at ($0.07) EPS, Q2 2018 earnings at ($0.05) EPS, Q3 2018 earnings at $0.01 EPS, FY2018 earnings at ($0.12) EPS, Q1 2019 earnings at $0.00 EPS, Q2 2019 earnings at $0.02 EPS, Q4 2019 earnings at $0.04 EPS and FY2019 earnings at $0.13 EPS.

PTEN has been the topic of a number of other reports. SunTrust Banks boosted their target price on Patterson-UTI Energy to $31.00 and gave the stock a buy rating in a research report on Wednesday, December 6th. Credit Suisse Group boosted their target price on Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a neutral rating in a research report on Friday, October 27th. Zacks Investment Research upgraded Patterson-UTI Energy from a hold rating to a buy rating and set a $22.00 target price on the stock in a research report on Tuesday, October 31st. ValuEngine downgraded Patterson-UTI Energy from a hold rating to a sell rating in a research report on Friday, February 2nd. Finally, Scotia Howard Weill upgraded Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a research report on Friday, January 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $26.28.

Shares of Patterson-UTI Energy (NASDAQ PTEN) opened at $18.30 on Monday. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $4,070.00, a price-to-earnings ratio of -140.77 and a beta of 1.02. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). The firm had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. Patterson-UTI Energy had a negative return on equity of 5.07% and a net margin of 0.25%. The firm’s revenue for the quarter was up 218.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.53) earnings per share.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be paid a $0.02 dividend. The ex-dividend date is Wednesday, March 7th. This represents a $0.08 annualized dividend and a yield of 0.44%. Patterson-UTI Energy’s payout ratio is currently -61.54%.

In related news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.60% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA increased its stake in Patterson-UTI Energy by 14.1% in the third quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock valued at $5,474,000 after purchasing an additional 32,293 shares during the last quarter. 361 Capital LLC increased its stake in Patterson-UTI Energy by 9.2% in the third quarter. 361 Capital LLC now owns 82,388 shares of the oil and gas company’s stock valued at $1,725,000 after purchasing an additional 6,914 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Patterson-UTI Energy by 26.7% in the third quarter. Schwab Charles Investment Management Inc. now owns 771,726 shares of the oil and gas company’s stock valued at $16,160,000 after purchasing an additional 162,677 shares during the last quarter. State Treasurer State of Michigan increased its stake in Patterson-UTI Energy by 17.6% in the third quarter. State Treasurer State of Michigan now owns 80,200 shares of the oil and gas company’s stock valued at $1,679,000 after purchasing an additional 12,000 shares during the last quarter. Finally, New York State Common Retirement Fund increased its stake in Patterson-UTI Energy by 4.7% in the third quarter. New York State Common Retirement Fund now owns 1,179,300 shares of the oil and gas company’s stock valued at $24,695,000 after purchasing an additional 53,473 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

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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.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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