BidaskClub upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a buy rating in a report issued on Saturday.

A number of other research firms have also weighed in on PTEN. Cowen set a $30.00 price objective on shares of Patterson-UTI Energy and gave the company a hold rating in a research note on Thursday, January 11th. Howard Weil upgraded shares of Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a research note on Friday, January 12th. Scotia Howard Weill upgraded shares of Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a research note on Friday, January 12th. Scotiabank upgraded shares of Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a research note on Friday, January 12th. Finally, Stephens assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, January 9th. They set an overweight rating and a $29.00 price objective for the company. Seven analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Patterson-UTI Energy presently has an average rating of Buy and an average target price of $27.40.

Patterson-UTI Energy (PTEN) opened at $24.04 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. The stock has a market cap of $5,350.00, a PE ratio of -15.51 and a beta of 1.08. Patterson-UTI Energy has a 12 month low of $14.83 and a 12 month high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million during the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. Patterson-UTI Energy’s quarterly revenue was up 232.3% compared to the same quarter last year. During the same period last year, the business earned ($0.58) EPS. analysts anticipate that Patterson-UTI Energy will post -0.8 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th were paid a $0.02 dividend. The ex-dividend date was Wednesday, December 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.33%. Patterson-UTI Energy’s dividend payout ratio is presently -5.16%.

In other news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.60% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Gluskin Sheff & Assoc Inc. grew its stake in shares of 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 worth $237,000 after acquiring an additional 780 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of 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 worth $210,000 after acquiring an additional 1,089 shares during the period. World Asset Management Inc grew its stake in shares of Patterson-UTI Energy by 22.5% in the third quarter. World Asset Management Inc now owns 15,096 shares of the oil and gas company’s stock worth $316,000 after acquiring an additional 2,772 shares during the period. LS Investment Advisors LLC grew its stake in shares of Patterson-UTI Energy by 22.5% in the third quarter. LS Investment Advisors LLC now owns 16,535 shares of the oil and gas company’s stock worth $346,000 after acquiring an additional 3,038 shares during the period. Finally, Pacer Advisors Inc. grew its stake in shares of Patterson-UTI Energy by 11.6% in the third quarter. Pacer Advisors Inc. now owns 33,876 shares of the oil and gas company’s stock worth $709,000 after acquiring an additional 3,522 shares during the period. Hedge funds and other institutional investors own 97.71% 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.

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

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