Wolfe Research assumed coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note published on Wednesday, MarketBeat reports. The brokerage issued a peer perform rating on the oil and gas company’s stock.
A number of other research firms have also commented on PTEN. ValuEngine raised Patterson-UTI Energy from a sell rating to a hold rating in a report on Tuesday. Piper Jaffray Companies set a $22.00 price target on Patterson-UTI Energy and gave the stock a buy rating in a report on Friday, October 5th. Sanford C. Bernstein started coverage on Patterson-UTI Energy in a report on Thursday, October 4th. They issued an outperform rating and a $21.00 price target for the company. Zacks Investment Research raised Patterson-UTI Energy from a sell rating to a hold rating in a report on Thursday, October 4th. Finally, Citigroup cut their price target on Patterson-UTI Energy from $25.00 to $23.00 and set a buy rating for the company in a report on Friday, September 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the company. Patterson-UTI Energy presently has an average rating of Buy and an average target price of $23.88.
NASDAQ PTEN traded up $0.04 on Wednesday, hitting $16.53. 3,170,308 shares of the stock traded hands, compared to its average volume of 3,551,534. Patterson-UTI Energy has a 12 month low of $14.60 and a 12 month high of $25.03. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of -20.66 and a beta of 1.14. The company has a current ratio of 1.68, a quick ratio of 1.54 and a debt-to-equity ratio of 0.29.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 26th. The oil and gas company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Patterson-UTI Energy had a net margin of 3.72% and a negative return on equity of 2.64%. The firm had revenue of $854.42 million for the quarter, compared to the consensus estimate of $866.96 million. During the same period last year, the company posted ($0.46) earnings per share. Patterson-UTI Energy’s revenue for the quarter was up 47.5% on a year-over-year basis. Analysts forecast that Patterson-UTI Energy will post -0.41 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Thursday, September 6th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.97%. The ex-dividend date was Wednesday, September 5th. Patterson-UTI Energy’s dividend payout ratio is -20.00%.
A number of large investors have recently bought and sold shares of PTEN. Point72 Asset Management L.P. boosted its stake in Patterson-UTI Energy by 147.2% during the first quarter. Point72 Asset Management L.P. now owns 6,410,492 shares of the oil and gas company’s stock valued at $112,248,000 after buying an additional 3,817,741 shares during the period. BlueMountain Capital Management LLC bought a new stake in Patterson-UTI Energy during the second quarter valued at $48,281,000. Capital Fund Management S.A. bought a new stake in Patterson-UTI Energy during the second quarter valued at $11,272,000. Fuller & Thaler Asset Management Inc. boosted its stake in Patterson-UTI Energy by 13.2% during the second quarter. Fuller & Thaler Asset Management Inc. now owns 5,032,655 shares of the oil and gas company’s stock valued at $90,588,000 after buying an additional 587,878 shares during the period. Finally, Mackay Shields LLC bought a new stake in Patterson-UTI Energy during the second quarter valued at $8,888,000. 96.25% of the stock is owned by institutional investors.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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