Seaport Global Securities reiterated their hold rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note issued to investors on Monday morning. They currently have a $24.00 price objective on the oil and gas company’s stock.
A number of other brokerages have also issued reports on PTEN. Scotia Howard Weill upgraded Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a report on Friday, January 12th. Howard Weil upgraded Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a report on Friday, January 12th. Cowen set a $30.00 price target on Patterson-UTI Energy and gave the company a hold rating in a report on Thursday, January 11th. Scotiabank upgraded Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a report on Friday, January 12th. Finally, BidaskClub upgraded Patterson-UTI Energy from a hold rating to a buy rating in a report on Saturday, January 13th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. Patterson-UTI Energy presently has a consensus rating of Buy and an average price target of $27.00.
Patterson-UTI Energy (NASDAQ PTEN) opened at $18.15 on Monday. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76. The stock has a market capitalization of $4,012.90, a P/E ratio of -129.64 and a beta of 1.02. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 5.07%. The business had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. The firm’s quarterly revenue was up 218.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.53) EPS. equities research analysts forecast that Patterson-UTI Energy will post 0.05 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -57.14%.
In related news, Director Tiffany J. Thom sold 2,574 shares of the business’s 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.60% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Patterson-UTI Energy by 10.4% during the fourth quarter. BlackRock Inc. now owns 20,590,666 shares of the oil and gas company’s stock worth $473,793,000 after purchasing an additional 1,941,119 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Patterson-UTI Energy by 6.6% during the third quarter. Van ECK Associates Corp now owns 10,177,949 shares of the oil and gas company’s stock worth $213,126,000 after purchasing an additional 630,350 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Patterson-UTI Energy by 13.4% during the fourth quarter. Wells Fargo & Company MN now owns 9,088,648 shares of the oil and gas company’s stock worth $209,129,000 after purchasing an additional 1,075,640 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Patterson-UTI Energy by 6.4% during the third quarter. JPMorgan Chase & Co. now owns 8,367,543 shares of the oil and gas company’s stock worth $174,379,000 after purchasing an additional 501,179 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Patterson-UTI Energy by 31.5% during the third quarter. Ameriprise Financial Inc. now owns 5,567,435 shares of the oil and gas company’s stock worth $116,581,000 after purchasing an additional 1,335,098 shares in the last quarter. 97.79% of the stock is owned by institutional investors.
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Patterson-UTI Energy Company Profile
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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