Patterson-UTI Energy Inc. (PTEN) Shares Up 1.2% on Analyst Upgrade
Shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) rose 1.2% on Tuesday 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 $24.36 and last traded at $24.33, with a volume of 4,708,975 shares traded. The stock had previously closed at $24.05.
Several other equities analysts have also issued reports on PTEN. Gabelli initiated coverage on Patterson-UTI Energy in a research report on Thursday, June 16th. They set a “hold” rating for the company. Howard Weil boosted their target price on Patterson-UTI Energy from $20.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Monday, June 20th. Scotiabank restated a “sector perform” rating and set a $22.00 target price (up from $20.00) on shares of Patterson-UTI Energy in a research report on Monday, June 20th. Piper Jaffray Cos. upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a research report on Wednesday, June 29th. Finally, Simmons upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $17.50 to $23.00 in a research report on Wednesday, June 29th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the stock. Patterson-UTI Energy currently has an average rating of “Hold” and an average target price of $19.84.
Several hedge funds have recently added to or reduced their stakes in the company. Eqis Capital Management Inc. raised its stake in Patterson-UTI Energy by 18.4% in the third quarter. Eqis Capital Management Inc. now owns 29,486 shares of the company’s stock valued at $660,000 after buying an additional 4,588 shares during the period. Macquarie Group Ltd. raised its stake in Patterson-UTI Energy by 16.5% in the second quarter. Macquarie Group Ltd. now owns 2,638,440 shares of the company’s stock valued at $56,252,000 after buying an additional 374,120 shares during the period. Mason Street Advisors LLC acquired a new stake in Patterson-UTI Energy during the second quarter valued at $1,433,000. Royal Bank of Canada raised its stake in Patterson-UTI Energy by 216.8% in the second quarter. Royal Bank of Canada now owns 251,847 shares of the company’s stock valued at $5,369,000 after buying an additional 172,344 shares during the period. Finally, Sterling Capital Management LLC raised its stake in Patterson-UTI Energy by 4.2% in the second quarter. Sterling Capital Management LLC now owns 116,759 shares of the company’s stock valued at $2,489,000 after buying an additional 4,679 shares during the period.
The firm’s market cap is $3.56 billion. The firm’s 50 day moving average is $20.46 and its 200-day moving average is $19.57.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.58) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.63) by $0.05. The business had revenue of $193.90 million for the quarter, compared to analyst estimates of $193.19 million. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. Patterson-UTI Energy’s quarterly revenue was down 59.0% compared to the same quarter last year. During the same period last year, the company posted ($0.13) earnings per share. On average, equities research analysts predict that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Investors of record on Thursday, September 8th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Tuesday, September 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.33%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -2.67%.
Patterson-UTI Energy Company Profile
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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