Patterson-UTI Energy (NASDAQ:PTEN) Shares Up 8.5%

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares shot up 8.5% on Monday . The stock traded as high as $9.35 and last traded at $9.35. 16,918 shares were traded during mid-day trading, a decline of 99% from the average session volume of 2,087,408 shares. The stock had previously closed at $8.62.

Several research analysts have recently issued reports on PTEN shares. Evercore ISI raised shares of Patterson-UTI Energy from an “in-line” rating to an “outperform” rating and raised their target price for the company from $8.00 to $12.00 in a research note on Wednesday, June 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $9.50 target price on shares of Patterson-UTI Energy in a research note on Thursday, September 9th. Finally, Morgan Stanley raised their target price on shares of Patterson-UTI Energy from $7.50 to $10.00 and gave the company an “equal weight” rating in a research note on Friday, July 9th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Buy” and a consensus target price of $8.50.

The firm’s 50 day moving average is $7.77 and its two-hundred day moving average is $8.21. The firm has a market cap of $1.76 billion, a P/E ratio of -4.08 and a beta of 3.23. The company has a current ratio of 1.73, a quick ratio of 1.62 and a debt-to-equity ratio of 0.50.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, July 29th. The oil and gas company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.02). Patterson-UTI Energy had a negative return on equity of 21.76% and a negative net margin of 44.59%. The firm had revenue of $291.77 million for the quarter, compared to the consensus estimate of $294.73 million. Analysts predict that Patterson-UTI Energy, Inc. will post -1.98 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 16th. Shareholders of record on Thursday, September 2nd were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Wednesday, September 1st. Patterson-UTI Energy’s payout ratio is currently -3.69%.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Morgan Stanley lifted its stake in Patterson-UTI Energy by 69.4% in the second quarter. Morgan Stanley now owns 1,044,062 shares of the oil and gas company’s stock valued at $10,376,000 after buying an additional 427,789 shares in the last quarter. Castleark Management LLC acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $796,000. Invesco Ltd. raised its holdings in shares of Patterson-UTI Energy by 16.2% in the second quarter. Invesco Ltd. now owns 2,582,385 shares of the oil and gas company’s stock valued at $25,669,000 after purchasing an additional 359,820 shares during the last quarter. Metropolitan Life Insurance Co NY raised its holdings in shares of Patterson-UTI Energy by 105,850.0% in the second quarter. Metropolitan Life Insurance Co NY now owns 52,975 shares of the oil and gas company’s stock valued at $527,000 after purchasing an additional 52,925 shares during the last quarter. Finally, Man Group plc raised its holdings in shares of Patterson-UTI Energy by 20.5% in the second quarter. Man Group plc now owns 1,069,533 shares of the oil and gas company’s stock valued at $10,631,000 after purchasing an additional 181,781 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile (NASDAQ:PTEN)

Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators.

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