Patterson-UTI Energy Inc. (PTEN) Price Target Raised to $26.00 at Citigroup Inc.
Patterson-UTI Energy Inc. (NASDAQ:PTEN) had its price target upped by Citigroup Inc. from $21.00 to $26.00 in a research report report published on Tuesday. They currently have a neutral rating on the stock.
A number of other brokerages also recently commented on PTEN. Macquarie downgraded Patterson-UTI Energy from a neutral rating to an underperform rating and set a $14.00 price objective for the company. in a research report on Tuesday, August 9th. Cowen and Company lifted their price objective on Patterson-UTI Energy from $21.00 to $23.00 and gave the company an outperform rating in a research report on Friday, July 29th. DA Davidson reaffirmed a buy rating and issued a $26.00 price objective on shares of Patterson-UTI Energy in a research report on Thursday, September 15th. Scotiabank reaffirmed a sector perform rating and issued a $22.00 price objective (up previously from $20.00) on shares of Patterson-UTI Energy in a research report on Monday, June 20th. Finally, Gabelli raised Patterson-UTI Energy from a hold rating to a buy rating and set a $26.00 price objective for the company in a research report on Wednesday, September 14th. Five investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $19.84.
Patterson-UTI Energy (NASDAQ:PTEN) traded down 0.760% during trading on Tuesday, reaching $24.145. The company’s stock had a trading volume of 1,357,482 shares. Patterson-UTI Energy has a 1-year low of $10.94 and a 1-year high of $24.50. The stock’s market capitalization is $3.53 billion. The stock has a 50 day moving average price of $20.46 and a 200 day moving average price of $19.57.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.58) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.63) by $0.05. The business earned $193.90 million during the quarter, compared to the consensus estimate of $193.19 million. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. The business’s revenue for the quarter was down 59.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.13) earnings per share. Analysts anticipate that Patterson-UTI Energy will post ($2.34) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -2.67%.
Large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors L.L.C. boosted its stake in Patterson-UTI Energy by 16.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 87,150 shares of the company’s stock worth $1,536,000 after buying an additional 12,600 shares during the period. Virginia Retirement System purchased a new stake in Patterson-UTI Energy during the first quarter worth about $416,000. TIAA CREF Investment Management LLC boosted its stake in Patterson-UTI Energy by 15.1% in the first quarter. TIAA CREF Investment Management LLC now owns 1,796,366 shares of the company’s stock worth $31,652,000 after buying an additional 236,273 shares during the period. Teachers Advisors Inc. boosted its stake in Patterson-UTI Energy by 5.2% in the first quarter. Teachers Advisors Inc. now owns 1,137,143 shares of the company’s stock worth $20,036,000 after buying an additional 56,090 shares during the period. Finally, BlackRock Inc. boosted its stake in Patterson-UTI Energy by 15.1% in the first quarter. BlackRock Inc. now owns 69,185 shares of the company’s stock worth $1,219,000 after buying an additional 9,085 shares during the period.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
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