Patterson-UTI Energy, Inc. (PTEN) Given Buy Rating at SunTrust Banks, Inc.
SunTrust Banks, Inc. restated their buy rating on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a research note issued to investors on Tuesday. They currently have a $25.00 price objective on the oil and gas company’s stock, down from their prior price objective of $33.00.
A number of other research firms have also recently weighed in on PTEN. Piper Jaffray Companies reissued a neutral rating and set a $20.50 price objective (down previously from $22.00) on shares of Patterson-UTI Energy in a report on Wednesday, July 12th. Wolfe Research lowered shares of Patterson-UTI Energy from an outperform rating to a market perform rating in a research note on Tuesday, June 6th. Royal Bank Of Canada set a $35.00 price objective on shares of Patterson-UTI Energy and gave the company a buy rating in a research note on Saturday, June 24th. Capital One Financial Corporation lowered Patterson-UTI Energy from an overweight rating to an equal weight rating in a report on Thursday, July 27th. Finally, Cowen and Company reiterated a hold rating and set a $24.00 target price on shares of Patterson-UTI Energy in a research report on Sunday, September 17th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $26.86.
Patterson-UTI Energy (PTEN) traded up 0.24% during mid-day trading on Tuesday, hitting $20.81. 2,385,260 shares of the stock were exchanged. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76. The company has a 50 day moving average of $17.71 and a 200 day moving average of $20.41. The firm’s market cap is $4.41 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.09. The business had revenue of $579.00 million for the quarter, compared to analyst estimates 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 quarter last year, the company earned ($0.58) EPS. On average, equities analysts anticipate that Patterson-UTI Energy will post ($0.90) earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend was Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -4.06%.
Hedge funds have recently made changes to their positions in the company. Riverhead Capital Management LLC boosted its position in shares of Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after acquiring an additional 4,653 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Patterson-UTI Energy by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after purchasing an additional 1,089 shares during the period. Madden Advisory Services Inc. purchased a new stake in Patterson-UTI Energy in the second quarter valued at approximately $236,000. Gluskin Sheff & Assoc Inc. grew its holdings in Patterson-UTI Energy by 7.1% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after purchasing an additional 780 shares during the period. Finally, Pacad Investment Ltd. purchased a new stake in Patterson-UTI Energy in the second quarter valued at approximately $246,000. Institutional investors and hedge funds own 98.56% 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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