Stephens began coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm issued an overweight rating and a $29.00 price objective on the oil and gas company’s stock.
Other research analysts have also issued reports about the company. Zacks Investment Research upgraded Patterson-UTI Energy from a hold rating to a buy rating and set a $23.00 target price for the company in a research note on Wednesday, October 11th. Deutsche Bank initiated coverage on Patterson-UTI Energy in a research note on Tuesday, October 10th. They issued a buy rating and a $25.00 target price for the company. Jefferies Group set a $26.00 target price on Patterson-UTI Energy and gave the company a buy rating in a research note on Thursday, October 5th. Citigroup set a $24.00 target price on Patterson-UTI Energy and gave the company a buy rating in a research note on Thursday, October 5th. Finally, SunTrust Banks restated a buy rating and issued a $25.00 target price (down from $33.00) on shares of Patterson-UTI Energy in a research note on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company’s stock. The company currently 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 during midday trading on Tuesday. 3,706,473 shares of the company’s stock traded hands, compared to its average volume of 3,427,375. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. The firm has a market capitalization of $5,490.00, a price-to-earnings ratio of -15.94 and a beta of 1.08. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its 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 business had revenue of $684.99 million during 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%. Patterson-UTI Energy’s revenue was up 232.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.58) earnings per share. sell-side analysts forecast that Patterson-UTI Energy will post -0.8 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.32%. Patterson-UTI Energy’s dividend payout ratio is currently -5.16%.
In other news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction 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 can be accessed through the SEC website. Corporate insiders own 4.60% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Rubric Capital Management LP acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at $16,605,000. Wealthsource Partners LLC acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at $322,000. Tortoise Capital Advisors L.L.C. increased its stake in shares of Patterson-UTI Energy by 10.6% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 84,875 shares of the oil and gas company’s stock valued at $1,777,000 after buying an additional 8,142 shares in the last quarter. GeoSphere Capital Management increased its stake in shares of Patterson-UTI Energy by 208.5% in the third quarter. GeoSphere Capital Management now owns 140,000 shares of the oil and gas company’s stock valued at $2,932,000 after buying an additional 94,620 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its stake in shares of Patterson-UTI Energy by 92.6% in the third quarter. Ameritas Investment Partners Inc. now owns 94,433 shares of the oil and gas company’s stock valued at $1,733,000 after buying an additional 45,400 shares in the last quarter. Institutional investors own 97.71% 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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