Patterson-UTI Energy, Inc. (NASDAQ:PTEN)‘s stock had its “market perform” rating restated by research analysts at Cowen and Company in a research note issued on Friday, October 27th, Marketbeat reports. They presently have a $20.00 price objective on the oil and gas company’s stock, down from their previous price objective of $24.00. Cowen and Company’s price target would indicate a potential downside of 4.03% from the company’s current price.
Other analysts have also recently issued reports about the company. UBS AG reiterated a “buy” rating and issued a $25.00 price objective (down 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. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, September 5th. Citigroup Inc. set a $24.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a report on Thursday, October 5th. J P Morgan Chase & Co raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 target price on the stock in a report on Tuesday, September 5th. Finally, Societe Generale began coverage on Patterson-UTI Energy in a report on Thursday, August 31st. They issued a “buy” rating and a $22.00 target price on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $26.71.
Patterson-UTI Energy (NASDAQ PTEN) traded down $0.04 during trading hours on Friday, reaching $20.84. The company’s stock had a trading volume of 2,419,000 shares, compared to its average volume of 4,340,368. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The firm had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. During the same period in the prior year, the firm posted ($0.58) earnings per share. The firm’s quarterly revenue was up 232.3% on a year-over-year basis. equities research analysts forecast that Patterson-UTI Energy will post -0.82 earnings per share for the current year.
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A number of hedge funds have recently modified their holdings of PTEN. Riverhead Capital Management LLC lifted its holdings in Patterson-UTI Energy by 86.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after buying an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Patterson-UTI Energy by 11.7% in the 2nd 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 in the last quarter. Madden Advisory Services Inc. acquired a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at about $236,000. Gluskin Sheff & Assoc Inc. raised its stake in shares of Patterson-UTI Energy by 7.1% in the 2nd 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 in the last quarter. Finally, Pacad Investment Ltd. acquired a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at about $246,000. Hedge funds and other institutional investors own 95.00% 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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