Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Jefferies Group raised their Q4 2018 EPS estimates for shares of Patterson-UTI Energy in a research note issued on Thursday, according to Zacks Investment Research. Jefferies Group analyst B. Handler now forecasts that the oil and gas company will post earnings per share of $0.13 for the quarter, up from their prior estimate of $0.08. Jefferies Group has a “Buy” rating and a $30.00 price target on the stock.
Several other equities research analysts have also recently weighed in on the company. BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Scotiabank raised Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday. Scotia Howard Weill raised Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday. Howard Weil raised Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday. Finally, Cowen set a $30.00 price objective on Patterson-UTI Energy and gave the stock a “hold” rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Patterson-UTI Energy has an average rating of “Buy” and an average target price of $27.40.
Shares of Patterson-UTI Energy (NASDAQ PTEN) remained flat at $$24.70 on Friday. 3,706,473 shares of the stock traded hands, compared to its average volume of 2,735,537. Patterson-UTI Energy has a one year low of $14.83 and a one year high of $29.76. The stock has a market capitalization of $5,494.38, a P/E ratio of -15.94 and a beta of 1.09. 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 (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 business posted ($0.58) earnings per share. The company’s revenue was up 232.3% on a year-over-year basis.
A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Schwab Charles Investment Management Inc. lifted its position in Patterson-UTI Energy by 2.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 609,049 shares of the oil and gas company’s stock valued at $12,297,000 after purchasing an additional 12,593 shares during the last quarter. State of Wisconsin Investment Board lifted its position in Patterson-UTI Energy by 27.5% in the second quarter. State of Wisconsin Investment Board now owns 41,516 shares of the oil and gas company’s stock valued at $838,000 after purchasing an additional 8,960 shares during the last quarter. Legal & General Group Plc lifted its position in Patterson-UTI Energy by 13.9% in the second quarter. Legal & General Group Plc now owns 234,176 shares of the oil and gas company’s stock valued at $4,727,000 after purchasing an additional 28,623 shares during the last quarter. Utah Retirement Systems lifted its position in Patterson-UTI Energy by 27.9% in the second quarter. Utah Retirement Systems now owns 38,073 shares of the oil and gas company’s stock valued at $769,000 after purchasing an additional 8,300 shares during the last quarter. Finally, Pacad Investment Ltd. bought a new stake in Patterson-UTI Energy in the second quarter valued at approximately $246,000. 97.71% of the stock is owned by institutional investors and hedge funds.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was 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 at this link. 4.60% of the stock is owned by corporate insiders.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.32%. The ex-dividend date was Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is currently -5.16%.
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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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