Patterson-UTI Energy Inc. (NASDAQ:PTEN)’s share price reached a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $21.00 to $26.00. Citigroup currently has a neutral rating on the stock. Patterson-UTI Energy traded as high as $24.50 and last traded at $24.28, with a volume of 2,185,100 shares traded. The stock had previously closed at $24.33.

Other equities research analysts also recently issued research reports about the company. KLR Group reaffirmed a “hold” rating and set a $29.00 price objective on shares of Patterson-UTI Energy in a research report on Friday, July 15th. Jefferies Group raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and raised their price objective for the company from $19.00 to $25.00 in a research report on Monday, July 11th. Simmons raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $17.50 to $23.00 in a research report on Wednesday, June 29th. Piper Jaffray Cos. raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a research report on Wednesday, June 29th. Finally, Nomura set a $18.00 price objective on Patterson-UTI Energy and gave the company a “hold” rating in a research report on Tuesday, August 16th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the stock. Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus price target of $19.84.

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of Patterson-UTI Energy by 5.8% in the first quarter. Geode Capital Management LLC now owns 967,804 shares of the company’s stock worth $17,052,000 after buying an additional 53,194 shares during the last quarter. Meeder Asset Management Inc. increased its position in shares of Patterson-UTI Energy by 22.8% in the first quarter. Meeder Asset Management Inc. now owns 38,580 shares of the company’s stock worth $679,000 after buying an additional 7,152 shares during the last quarter. State Street Corp increased its position in shares of Patterson-UTI Energy by 2.7% in the first quarter. State Street Corp now owns 4,101,000 shares of the company’s stock worth $72,263,000 after buying an additional 107,318 shares during the last quarter. Investec Asset Management LTD increased its position in shares of Patterson-UTI Energy by 108.7% in the first quarter. Investec Asset Management LTD now owns 1,713,477 shares of the company’s stock worth $30,191,000 after buying an additional 892,455 shares during the last quarter. Finally, Royce & Associates LP increased its position in shares of Patterson-UTI Energy by 10.0% in the first quarter. Royce & Associates LP now owns 55,000 shares of the company’s stock worth $969,000 after buying an additional 5,000 shares during the last quarter.

The company’s market cap is $3.55 billion. The company 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 issued its earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company’s revenue for the quarter was down 59.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.13) EPS. Analysts forecast that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -2.67%.

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.

5 Day Chart for NASDAQ:PTEN

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