BidaskClub upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sell rating to a hold rating in a research report sent to investors on Saturday morning.
PTEN has been the subject of a number of other research reports. SunTrust Banks increased their target price on Patterson-UTI Energy to $31.00 and gave the stock a buy rating in a report on Wednesday, December 6th. Jefferies Group set a $25.00 target price on Patterson-UTI Energy and gave the stock a buy rating in a report on Friday, February 9th. BMO Capital Markets upgraded Patterson-UTI Energy from a market perform rating to a buy rating in a report on Wednesday, February 14th. Citigroup set a $24.00 target price on Patterson-UTI Energy and gave the stock a buy rating in a report on Friday, February 9th. Finally, Cowen restated a market perform rating and set a $23.00 price objective (down from $30.00) on shares of Patterson-UTI Energy in a research note on Friday, February 9th. Two 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. The stock has an average rating of Buy and a consensus price target of $26.21.
Patterson-UTI Energy (PTEN) traded up $0.72 during mid-day trading on Friday, reaching $19.59. The company’s stock had a trading volume of 4,270,000 shares, compared to its average volume of 4,540,000. The company has a market cap of $4,360.00, a PE ratio of -130.60 and a beta of 1.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.16 and a current ratio of 1.37. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $28.73.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). The firm had revenue of $787.33 million for the quarter, compared to the consensus estimate of $764.84 million. Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. Patterson-UTI Energy’s revenue for the quarter was up 218.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.53) EPS. equities analysts expect that Patterson-UTI Energy will post 0.03 earnings per share for the current year.
The company also recently announced 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. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.08 annualized dividend and a yield of 0.41%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -53.33%.
In related news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction dated 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 can be accessed through the SEC website. Company insiders own 4.60% of the company’s stock.
Large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its stake in Patterson-UTI Energy by 621.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock valued at $194,000 after purchasing an additional 7,274 shares during the last quarter. Ballentine Partners LLC acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at about $216,000. WealthTrust Axiom LLC acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at about $217,000. Schroder Investment Management Group acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at about $219,000. Finally, Falcon Point Capital LLC acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at about $222,000. Institutional investors and hedge funds own 95.41% of the company’s stock.
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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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