Cowen and Company reaffirmed their hold rating on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a research report report published on Tuesday, July 11th. They currently have a $24.00 price target on the oil and gas company’s stock.
PTEN has been the subject of a number of other reports. Tudor Pickering began coverage on shares of Patterson-UTI Energy in a research note on Thursday, March 23rd. They set a hold rating for the company. Deutsche Bank AG reduced their price objective on shares of Patterson-UTI Energy from $31.00 to $28.00 and set a hold rating for the company in a research note on Friday, April 28th. BidaskClub upgraded shares of Patterson-UTI Energy from a sell rating to a hold rating in a research note on Tuesday, June 13th. Jefferies Group LLC set a $35.00 price objective on shares of Patterson-UTI Energy and gave the company a buy rating in a research note on Monday, March 20th. Finally, BMO Capital Markets restated a hold rating and set a $28.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, April 13th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have assigned a buy rating to the company. Patterson-UTI Energy currently has an average rating of Hold and an average target price of $26.84.
Patterson-UTI Energy (NASDAQ PTEN) traded down 2.89% during midday trading on Tuesday, hitting $17.79. 3,880,367 shares of the stock traded hands. Patterson-UTI Energy has a 52 week low of $17.71 and a 52 week high of $29.76. The stock’s market capitalization is $2.93 billion. The stock’s 50-day moving average price is $19.93 and its 200-day moving average price is $23.35.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. The business had revenue of $579 million during the quarter, compared to analyst estimates of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 11.28%. Patterson-UTI Energy’s revenue was up 198.5% compared to the same quarter last year. During the same period last year, the business earned ($0.58) EPS. Equities research analysts expect that Patterson-UTI Energy will post ($0.91) EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.06%.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Patterson-UTI Energy by 11,291.0% in the first quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock valued at $350,991,000 after buying an additional 14,334,961 shares during the period. Vanguard Group Inc. increased its stake in Patterson-UTI Energy by 14.4% in the first quarter. Vanguard Group Inc. now owns 13,645,829 shares of the oil and gas company’s stock valued at $331,184,000 after buying an additional 1,719,414 shares during the period. Van ECK Associates Corp increased its stake in Patterson-UTI Energy by 5.2% in the first quarter. Van ECK Associates Corp now owns 8,988,169 shares of the oil and gas company’s stock valued at $218,143,000 after buying an additional 442,699 shares during the period. Wells Fargo & Company MN increased its stake in Patterson-UTI Energy by 8.3% in the first quarter. Wells Fargo & Company MN now owns 6,150,343 shares of the oil and gas company’s stock valued at $149,267,000 after buying an additional 468,960 shares during the period. Finally, Jennison Associates LLC increased its stake in Patterson-UTI Energy by 51.8% in the first quarter. Jennison Associates LLC now owns 5,801,622 shares of the oil and gas company’s stock valued at $140,805,000 after buying an additional 1,979,263 shares during the period. 85.78% of the stock is currently owned by hedge funds and other institutional investors.
Patterson-UTI Energy Company Profile
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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