Cowen and Company reaffirmed their hold rating on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a report published on Sunday. They currently have a $24.00 price target on the oil and gas company’s stock.

PTEN has been the topic of several other reports. Piper Jaffray Companies set a $22.00 target price on Patterson-UTI Energy and gave the company a buy rating in a research report on Thursday, July 27th. Jefferies Group LLC set a $32.00 target price on Patterson-UTI Energy and gave the company a buy rating in a research report on Tuesday, June 6th. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the company a buy rating in a research report on Saturday, June 24th. UBS AG restated a buy rating and issued a $25.00 target price (down from $35.00) on shares of Patterson-UTI Energy in a research report on Monday, July 31st. They noted that the move was a valuation call. Finally, Citigroup Inc. upgraded Patterson-UTI Energy from a neutral rating to a buy rating and lowered their target price for the company from $21.00 to $19.00 in a research report on Wednesday, August 30th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Patterson-UTI Energy presently has an average rating of Hold and an average target price of $27.36.

Patterson-UTI Energy (NASDAQ PTEN) opened at 18.66 on Friday. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76. The firm’s 50-day moving average price is $17.11 and its 200 day moving average price is $21.04. The firm’s market cap is $3.95 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.09. The business 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 business’s quarterly revenue was up 198.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.58) EPS. On average, equities research analysts forecast that Patterson-UTI Energy will post ($0.92) EPS for the current year.

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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 issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is -4.06%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTEN. ProShare Advisors LLC boosted its holdings in Patterson-UTI Energy by 6.8% during the first quarter. ProShare Advisors LLC now owns 28,449 shares of the oil and gas company’s stock valued at $690,000 after purchasing an additional 1,818 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Patterson-UTI Energy by 14.0% during the first quarter. Russell Investments Group Ltd. now owns 199,723 shares of the oil and gas company’s stock valued at $4,847,000 after purchasing an additional 24,511 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Patterson-UTI Energy by 10.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,824 shares of the oil and gas company’s stock valued at $360,000 after purchasing an additional 1,424 shares in the last quarter. US Bancorp DE boosted its holdings in Patterson-UTI Energy by 8.0% during the first quarter. US Bancorp DE now owns 27,174 shares of the oil and gas company’s stock valued at $660,000 after purchasing an additional 2,006 shares in the last quarter. Finally, Comerica Bank boosted its holdings in Patterson-UTI Energy by 19.0% during the first quarter. Comerica Bank now owns 144,210 shares of the oil and gas company’s stock valued at $3,163,000 after purchasing an additional 22,982 shares in the last quarter. 98.44% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Company Profile

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.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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