Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) gapped down before the market opened on Thursday . The stock had previously closed at $21.79, but opened at $21.31. Patterson-UTI Energy shares last traded at $20.53, with a volume of 3,974,366 shares changing hands.

PTEN has been the topic of several recent analyst reports. UBS AG reaffirmed a “buy” rating and set a $25.00 target price (down previously from $35.00) on shares of Patterson-UTI Energy in a research note on Monday, July 31st. They noted that the move was a valuation call. Jefferies Group LLC set a $26.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, July 29th. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, June 24th. Piper Jaffray Companies set a $22.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, July 27th. Finally, Citigroup Inc. raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the company from $21.00 to $19.00 in a research note on Wednesday, August 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $26.82.

The stock has a 50 day moving average price of $18.93 and a 200 day moving average price of $20.27. The company’s market cap is $4.34 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 Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The business had revenue of $579.00 million for the quarter, compared to the consensus estimate 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 revenue was up 198.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.58) EPS. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.90) EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, September 7th were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.39%. The ex-dividend date was Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is presently -4.06%.

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in Patterson-UTI Energy by 60.9% during the 2nd quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after buying an additional 1,205,084 shares during the period. State Street Corp raised its stake in Patterson-UTI Energy by 10.1% during the 1st quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after buying an additional 418,702 shares during the period. Bank of New York Mellon Corp raised its stake in Patterson-UTI Energy by 59.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock worth $66,229,000 after buying an additional 1,228,607 shares during the period. Federated Investors Inc. PA raised its stake in Patterson-UTI Energy by 9.9% during the 2nd quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock worth $2,779,000 after buying an additional 12,454 shares during the period. Finally, Scout Investments Inc. raised its stake in Patterson-UTI Energy by 101.7% during the 2nd quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock worth $21,182,000 after buying an additional 529,023 shares during the period. 98.56% of the stock is currently owned by institutional investors and hedge funds.

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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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