Patterson-UTI Energy, Inc. (PTEN) Given a $26.00 Price Target at Jefferies Group LLC
Jefferies Group LLC set a $26.00 price target on Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a research note released on Thursday morning. The brokerage currently has a buy rating on the oil and gas company’s stock.
PTEN has been the subject of several other reports. UBS AG reaffirmed a buy rating and set a $25.00 price objective (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. Piper Jaffray Companies reaffirmed a buy rating on shares of Patterson-UTI Energy in a research report on Tuesday, September 5th. BidaskClub raised Patterson-UTI Energy from a sell rating to a hold rating in a research report on Tuesday, June 13th. Citigroup Inc. set a $24.00 price objective on Patterson-UTI Energy and gave the stock a buy rating in a research report on Thursday. Finally, J P Morgan Chase & Co raised Patterson-UTI Energy from a neutral rating to an overweight rating and set a $24.00 price objective for the company in a research report on Tuesday, September 5th. Two equities 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 stock. The stock currently has an average rating of Hold and an average price target of $27.14.
Patterson-UTI Energy (NASDAQ PTEN) traded down 2.58% during midday trading on Thursday, hitting $20.75. The stock had a trading volume of 3,300,745 shares. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $29.76. The firm’s market cap is $4.39 billion. The stock has a 50-day moving average of $18.01 and a 200-day moving average of $20.42.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data 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 company had revenue of $579.00 million during 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%. Patterson-UTI Energy’s revenue for the quarter was up 198.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.58) earnings per share. Analysts forecast that Patterson-UTI Energy will post ($0.90) EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.39%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -4.06%.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Patterson-UTI Energy by 22.8% during the second quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after purchasing an additional 3,115,388 shares during the period. BlackRock Inc. increased its stake in shares of Patterson-UTI Energy by 11.5% during the second quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock worth $325,506,000 after purchasing an additional 1,660,164 shares during the period. Van ECK Associates Corp increased its stake in shares of Patterson-UTI Energy by 6.2% during the second quarter. Van ECK Associates Corp now owns 9,547,599 shares of the oil and gas company’s stock worth $192,766,000 after purchasing an additional 559,430 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Patterson-UTI Energy by 39.4% during the second quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock worth $158,823,000 after purchasing an additional 2,224,128 shares during the period. Finally, State Street Corp increased its stake in shares of Patterson-UTI Energy by 9.3% during the second quarter. State Street Corp now owns 4,984,030 shares of the oil and gas company’s stock worth $100,628,000 after purchasing an additional 423,443 shares during the period. Institutional investors own 98.56% of the company’s stock.
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.
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