Investors Sell Patterson-UTI Energy, Inc. (PTEN) on Strength (PTEN)
Traders sold shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) on strength during trading on Friday. $7.82 million flowed into the stock on the tick-up and $116.07 million flowed out of the stock on the tick-down, for a money net flow of $108.25 million out of the stock. Of all companies tracked, Patterson-UTI Energy had the 0th highest net out-flow for the day. Patterson-UTI Energy traded up $0.21 for the day and closed at $18.66
A number of research analysts have issued reports on the company. Jefferies Group LLC set a $32.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Tuesday, June 6th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $29.00 target price on shares of Patterson-UTI Energy in a research note on Thursday, July 20th. Evercore ISI reaffirmed an “outperform” rating and set a $35.00 target price on shares of Patterson-UTI Energy in a research note on Tuesday, June 6th. Wolfe Research downgraded Patterson-UTI Energy from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 6th. Finally, BidaskClub raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have given a buy rating to the company. Patterson-UTI Energy currently has an average rating of “Hold” and an average target price of $27.36.
The stock’s 50 day moving average is $17.11 and its 200 day moving average is $21.04. The company’s market capitalization is $3.95 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. The company had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The firm’s quarterly revenue was up 198.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.58) earnings per share. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.92) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is presently -4.06%.
Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its stake in shares of Patterson-UTI Energy by 7.9% during the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after purchasing an additional 683 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in shares of Patterson-UTI Energy by 86.2% during the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after purchasing an additional 4,653 shares in the last quarter. LS Investment Advisors LLC lifted its stake in shares of Patterson-UTI Energy by 7.5% during the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock worth $262,000 after purchasing an additional 754 shares in the last quarter. Madden Advisory Services Inc. acquired a new position in shares of Patterson-UTI Energy during the second quarter worth about $236,000. Finally, Gluskin Sheff & Assoc Inc. lifted its stake in shares of Patterson-UTI Energy by 7.1% during the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after purchasing an additional 780 shares in the last quarter. Institutional investors own 98.57% of the company’s stock.
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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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