Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received a consensus rating of “Buy” from the thirty-three brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, fourteen have assigned a hold recommendation and eighteen have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $28.00.
PTEN has been the subject of a number of research analyst reports. Guggenheim raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a report on Monday, February 20th. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a report on Thursday, March 16th. Capital One Financial Corp. upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating in a research report on Monday, May 8th. Morgan Stanley reiterated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, April 28th. Finally, Jefferies Group LLC set a $35.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Monday, March 20th.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position 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 in the last quarter. Vanguard Group Inc. increased its position 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 in the last quarter. Van ECK Associates Corp increased its position 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 in the last quarter. Wells Fargo & Company MN increased its position 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 in the last quarter. Finally, Jennison Associates LLC increased its position 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 in the last quarter. Hedge funds and other institutional investors own 85.20% of the company’s stock.
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Patterson-UTI Energy (NASDAQ:PTEN) traded down 3.77% during midday trading on Friday, reaching $19.63. 2,632,069 shares of the company traded hands. The company’s market cap is $3.24 billion. Patterson-UTI Energy has a 12-month low of $17.61 and a 12-month high of $29.76. The company has a 50-day moving average price of $21.28 and a 200-day moving average price of $25.11.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.44) by $0.02. The firm had revenue of $305.20 million during the quarter, compared to analysts’ expectations of $294.82 million. Patterson-UTI Energy had a negative return on equity of 10.38% and a negative net margin of 20.82%. The company’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.48) EPS. On average, analysts predict that Patterson-UTI Energy will post ($1.06) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th will be given a dividend of $0.02 per share. The ex-dividend date is Tuesday, June 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.39%. Patterson-UTI Energy’s payout ratio is -3.83%.
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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