Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Earns “Hold” Rating from Cowen and Company
Cowen and Company reiterated their hold rating on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a report released on Tuesday, July 11th. Cowen and Company currently has a $24.00 price target on the oil and gas company’s stock.
Other equities analysts also recently issued reports about the company. Instinet upgraded Patterson-UTI Energy from a neutral rating to a buy rating and boosted their price objective for the stock from $26.00 to $31.00 in a research report on Wednesday, April 5th. Jefferies Group LLC reiterated a buy rating and set a $32.00 price objective (down from $35.00) on shares of Patterson-UTI Energy in a research report on Wednesday, May 3rd. Royal Bank Of Canada set a $35.00 price objective on Patterson-UTI Energy and gave the stock a buy rating in a research report on Saturday, June 24th. Seaport Global Securities downgraded Patterson-UTI Energy from a buy rating to a neutral rating and cut their target price for the stock from $29.00 to $21.00 in a research report on Wednesday, June 21st. Finally, Nomura upgraded Patterson-UTI Energy from a neutral rating to a buy rating in a research report on Wednesday, April 5th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and fifteen have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $26.84.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 19.09 on Tuesday. Patterson-UTI Energy has a one year low of $18.12 and a one year high of $29.76. The firm’s market cap is $3.15 billion. The firm has a 50-day moving average price of $20.03 and a 200 day moving average price of $23.44.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The business had revenue of $579 million during the quarter, compared to the consensus estimate of $556.47 million. Patterson-UTI Energy had a negative return on equity of 11.28% and a negative net margin of 23.78%. The business’s revenue was up 198.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.58) earnings per share. On average, analysts forecast that Patterson-UTI Energy will post ($0.91) earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -4.06%.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Patterson-UTI Energy by 11,291.0% in the first quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock worth $350,991,000 after buying an additional 14,334,961 shares during the period. Vanguard Group Inc. boosted its stake in Patterson-UTI Energy by 14.4% in the first quarter. Vanguard Group Inc. now owns 13,645,829 shares of the oil and gas company’s stock worth $331,184,000 after buying an additional 1,719,414 shares during the period. Van ECK Associates Corp boosted its stake in Patterson-UTI Energy by 5.2% in the first quarter. Van ECK Associates Corp now owns 8,988,169 shares of the oil and gas company’s stock worth $218,143,000 after buying an additional 442,699 shares during the period. Wells Fargo & Company MN boosted its stake in Patterson-UTI Energy by 8.3% in the first quarter. Wells Fargo & Company MN now owns 6,150,343 shares of the oil and gas company’s stock worth $149,267,000 after buying an additional 468,960 shares during the period. Finally, Jennison Associates LLC boosted its stake in Patterson-UTI Energy by 51.8% in the first quarter. Jennison Associates LLC now owns 5,801,622 shares of the oil and gas company’s stock worth $140,805,000 after buying an additional 1,979,263 shares during the period. Institutional investors own 85.05% of the company’s stock.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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