Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received an average rating of “Buy” from the twenty-seven ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seventeen have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $26.61.
Several research analysts recently weighed in on the stock. Jefferies Group set a $26.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a report on Monday, December 4th. Credit Suisse Group boosted their price target on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. Cowen restated a “hold” rating and set a $24.00 price target on shares of Patterson-UTI Energy in a report on Sunday, September 17th. Finally, Deutsche Bank assumed coverage on shares of Patterson-UTI Energy in a report on Tuesday, October 10th. They set a “buy” rating and a $25.00 price target on the stock.
A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Patterson-UTI Energy by 22.8% in the second quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after acquiring an additional 3,115,388 shares during the period. BlackRock Inc. raised its position in shares of Patterson-UTI Energy by 11.5% in the second quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock valued at $325,506,000 after purchasing an additional 1,660,164 shares during the period. Van ECK Associates Corp raised its position in shares of Patterson-UTI Energy by 6.6% in the third quarter. Van ECK Associates Corp now owns 10,177,949 shares of the oil and gas company’s stock valued at $213,126,000 after purchasing an additional 630,350 shares during the period. JPMorgan Chase & Co. raised its position in shares of Patterson-UTI Energy by 6.4% in the third quarter. JPMorgan Chase & Co. now owns 8,367,543 shares of the oil and gas company’s stock valued at $174,379,000 after purchasing an additional 501,179 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Patterson-UTI Energy by 31.5% in the third quarter. Ameriprise Financial Inc. now owns 5,567,435 shares of the oil and gas company’s stock valued at $116,581,000 after purchasing an additional 1,335,098 shares during the period. 97.71% of the stock is currently owned by institutional investors and hedge funds.
Shares of Patterson-UTI Energy (NASDAQ PTEN) traded up $0.82 during midday trading on Thursday, hitting $22.30. 2,822,600 shares of the stock were exchanged, compared to its average volume of 4,195,357. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. The firm had revenue of $684.99 million during the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business’s revenue was up 232.3% on a year-over-year basis. 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 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.36%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is -5.16%.
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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