Patterson-UTI Energy Inc. (PTEN) Receives “Buy” Rating from Jefferies Group
Patterson-UTI Energy Inc. (NASDAQ:PTEN)‘s stock had its “buy” rating reiterated by stock analysts at Jefferies Group in a report released on Wednesday. They currently have a $29.00 price target on the stock. Jefferies Group’s price target indicates a potential upside of 19.88% from the company’s previous close.
Other equities analysts also recently issued reports about the company. 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 note on Wednesday, September 14th. Seaport Global Securities raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Friday, July 8th. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, July 5th. DA Davidson reaffirmed a “buy” rating and issued a $26.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, September 15th. Finally, KLR Group reaffirmed a “hold” rating and issued a $29.00 price objective on shares of Patterson-UTI Energy in a research note on Friday, July 15th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $20.00.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 24.19 on Wednesday. Patterson-UTI Energy has a 52 week low of $10.94 and a 52 week high of $25.01. The stock has a 50 day moving average price of $20.95 and a 200 day moving average price of $19.82. The firm’s market cap is $3.54 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.05. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. The firm earned $193.90 million during the quarter, compared to the consensus estimate of $193.19 million. During the same period last year, the business posted ($0.13) EPS. Patterson-UTI Energy’s quarterly revenue was down 59.0% on a year-over-year basis. Equities research analysts expect that Patterson-UTI Energy will post ($2.34) EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Investors of record on Thursday, September 8th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.33%. The ex-dividend date of this dividend was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is currently -2.67%.
A number of hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised its stake in shares of Patterson-UTI Energy by 89.3% in the second quarter. PNC Financial Services Group Inc. now owns 8,732 shares of the company’s stock valued at $186,000 after buying an additional 4,118 shares in the last quarter. LS Investment Advisors LLC raised its stake in shares of Patterson-UTI Energy by 76.1% in the second quarter. LS Investment Advisors LLC now owns 8,822 shares of the company’s stock valued at $188,000 after buying an additional 3,811 shares in the last quarter. DNB Asset Management AS purchased a new stake in shares of Patterson-UTI Energy during the second quarter valued at $220,000. Amica Retiree Medical Trust purchased a new stake in shares of Patterson-UTI Energy during the second quarter valued at $253,000. Finally, Cubist Systematic Strategies LLC raised its stake in shares of Patterson-UTI Energy by 102.1% in the second quarter. Cubist Systematic Strategies LLC now owns 11,864 shares of the company’s stock valued at $253,000 after buying an additional 5,993 shares in the last quarter.
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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