Cowen and Company Reaffirms “Hold” Rating for Patterson-UTI Energy, Inc. (PTEN)

Cowen and Company reiterated their hold rating on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a research report sent to investors on Sunday. The firm currently has a $24.00 price target on the oil and gas company’s stock.

PTEN has been the topic of a number of other research reports. UBS AG reissued a buy rating and issued a $25.00 price target (down previously from $35.00) on shares of Patterson-UTI Energy in a research note on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reissued a buy rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. BidaskClub raised Patterson-UTI Energy from a sell rating to a hold rating in a research note on Tuesday, June 13th. Evercore ISI reissued an outperform rating and issued a $35.00 price target on shares of Patterson-UTI Energy in a research note on Tuesday, June 6th. Finally, J P Morgan Chase & Co raised Patterson-UTI Energy from a neutral rating to an overweight rating and set a $24.00 price target on the stock in a research note on Tuesday, September 5th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have given a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $27.36.

Patterson-UTI Energy (NASDAQ:PTEN) opened at 19.49 on Friday. The stock’s market capitalization is $4.13 billion. The firm has a 50-day moving average of $17.07 and a 200-day moving average of $20.81. 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 issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. The firm had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. Patterson-UTI Energy’s revenue was up 198.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.58) EPS. Equities research analysts forecast that Patterson-UTI Energy will post ($0.90) earnings per share 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. Investors of record on Thursday, September 7th will be issued a $0.02 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 annualized dividend and a yield of 0.41%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -4.06%.

A number of institutional investors and hedge funds have recently bought and sold shares of PTEN. ProShare Advisors LLC lifted its holdings in Patterson-UTI Energy by 6.8% in the 1st quarter. ProShare Advisors LLC now owns 28,449 shares of the oil and gas company’s stock worth $690,000 after purchasing an additional 1,818 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Patterson-UTI Energy by 14.0% in the 1st quarter. Russell Investments Group Ltd. now owns 199,723 shares of the oil and gas company’s stock worth $4,847,000 after purchasing an additional 24,511 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Patterson-UTI Energy by 10.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,824 shares of the oil and gas company’s stock worth $360,000 after purchasing an additional 1,424 shares during the last quarter. US Bancorp DE lifted its holdings in Patterson-UTI Energy by 8.0% in the 1st quarter. US Bancorp DE now owns 27,174 shares of the oil and gas company’s stock worth $660,000 after purchasing an additional 2,006 shares during the last quarter. Finally, Comerica Bank lifted its holdings in Patterson-UTI Energy by 19.0% in the 1st quarter. Comerica Bank now owns 144,210 shares of the oil and gas company’s stock worth $3,163,000 after purchasing an additional 22,982 shares during the last quarter. Hedge funds and other institutional investors own 98.44% of the company’s stock.

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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