Cowen set a $30.00 price target on Patterson-UTI Energy (NASDAQ:PTEN) in a report published on Thursday morning. The brokerage currently has a hold rating on the oil and gas company’s stock.
A number of other research analysts have also commented on PTEN. Credit Suisse Group lowered their price target on Patterson-UTI Energy from $22.00 to $20.00 and set a neutral rating on the stock in a report on Friday, September 22nd. SunTrust Banks reissued a buy rating and set a $25.00 price target (down from $33.00) on shares of Patterson-UTI Energy in a report on Tuesday, October 3rd. Citigroup set a $24.00 price target on Patterson-UTI Energy and gave the company a buy rating in a report on Thursday, October 5th. Jefferies Group set a $26.00 price target on Patterson-UTI Energy and gave the company a buy rating in a report on Thursday, October 5th. Finally, Deutsche Bank started coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They set a buy rating and a $25.00 price target on the stock. Seven analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $27.40.
Shares of Patterson-UTI Energy (NASDAQ PTEN) remained flat at $$24.70 on Thursday. 3,706,400 shares of the company’s stock traded hands, compared to its average volume of 3,427,367. The company has a market capitalization of $5,494.38, a price-to-earnings ratio of -15.94 and a beta of 1.09. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. Patterson-UTI Energy has a fifty-two week low of $14.83 and a fifty-two week 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) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The company’s quarterly revenue was up 232.3% compared to the same quarter last year. During the same period last year, the company earned ($0.58) earnings per share. research 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. Investors 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 yield of 0.32%. Patterson-UTI Energy’s dividend payout ratio is currently -5.16%.
In related news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction dated 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 legal filing with the SEC, which is available at this link. Company insiders own 4.60% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Gluskin Sheff & Assoc Inc. increased its stake in 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 worth $237,000 after purchasing an additional 780 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in 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 worth $210,000 after purchasing an additional 1,089 shares in the last quarter. World Asset Management Inc increased its stake in Patterson-UTI Energy by 22.5% in the 3rd quarter. World Asset Management Inc now owns 15,096 shares of the oil and gas company’s stock worth $316,000 after purchasing an additional 2,772 shares in the last quarter. LS Investment Advisors LLC increased its stake in Patterson-UTI Energy by 22.5% in the 3rd quarter. LS Investment Advisors LLC now owns 16,535 shares of the oil and gas company’s stock worth $346,000 after purchasing an additional 3,038 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in Patterson-UTI Energy by 11.6% in the 3rd quarter. Pacer Advisors Inc. now owns 33,876 shares of the oil and gas company’s stock worth $709,000 after purchasing an additional 3,522 shares in the last quarter. 97.71% of the stock is currently owned by hedge funds and other institutional investors.
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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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