BMO Capital Markets set a $23.00 price objective on Patterson-UTI Energy (NASDAQ:PTEN) in a research note published on Wednesday. The firm currently has a buy rating on the oil and gas company’s stock.
Other analysts have also recently issued reports about the company. BidaskClub upgraded Patterson-UTI Energy from a sell rating to a hold rating in a research report on Thursday, April 12th. ValuEngine cut Patterson-UTI Energy from a sell rating to a strong sell rating in a research report on Monday, April 2nd. Wolfe Research upgraded Patterson-UTI Energy from a market perform rating to an outperform rating in a research report on Thursday, April 12th. Guggenheim cut Patterson-UTI Energy from a buy rating to a neutral rating in a research report on Friday, July 6th. Finally, Citigroup upped their price target on Patterson-UTI Energy from $24.00 to $25.00 and gave the company a buy rating in a research report on Monday, April 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Patterson-UTI Energy presently has an average rating of Buy and a consensus price target of $25.31.
Shares of PTEN traded down $0.24 on Wednesday, reaching $17.46. 3,002,600 shares of the stock traded hands, compared to its average volume of 3,750,795. The stock has a market cap of $4.15 billion, a PE ratio of -21.83 and a beta of 1.18. The company has a current ratio of 1.73, a quick ratio of 1.61 and a debt-to-equity ratio of 0.28. Patterson-UTI Energy has a 12 month low of $14.83 and a 12 month high of $25.03.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.07). The firm had revenue of $809.16 million for the quarter, compared to the consensus estimate of $793.39 million. Patterson-UTI Energy had a net margin of 1.22% and a negative return on equity of 3.54%. The business’s revenue for the quarter was up 165.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.40) earnings per share. equities analysts forecast that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 21st. Shareholders of record on Thursday, June 7th were given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.92%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend was Wednesday, June 6th. Patterson-UTI Energy’s dividend payout ratio is -20.00%.
Several hedge funds have recently made changes to their positions in PTEN. Point72 Asset Management L.P. grew its holdings in shares of Patterson-UTI Energy by 147.2% during the first quarter. Point72 Asset Management L.P. now owns 6,410,492 shares of the oil and gas company’s stock worth $112,248,000 after purchasing an additional 3,817,741 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Patterson-UTI Energy by 601.6% during the fourth quarter. Millennium Management LLC now owns 4,059,127 shares of the oil and gas company’s stock worth $93,401,000 after purchasing an additional 3,480,569 shares during the last quarter. Ceredex Value Advisors LLC bought a new stake in shares of Patterson-UTI Energy during the first quarter worth $35,661,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Patterson-UTI Energy by 195.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,461,770 shares of the oil and gas company’s stock worth $43,106,000 after purchasing an additional 1,629,282 shares during the last quarter. Finally, Precocity Capital LP grew its holdings in shares of Patterson-UTI Energy by 945.5% during the first quarter. Precocity Capital LP now owns 1,150,000 shares of the oil and gas company’s stock worth $20,137,000 after purchasing an additional 1,040,000 shares during the last quarter. Institutional investors own 97.22% of the company’s stock.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.