Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares rose 5.2% during mid-day trading on Thursday . The company traded as high as $19.25 and last traded at $18.87. Approximately 5,267,594 shares traded hands during mid-day trading, an increase of 22% from the average daily volume of 4,310,377 shares. The stock had previously closed at $17.93.
Several analysts have recently weighed in on the stock. Cowen reiterated a “market perform” rating and issued a $20.00 price objective (down previously from $24.00) on shares of Patterson-UTI Energy in a research note on Friday, October 27th. Credit Suisse Group lifted their price objective on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. SunTrust Banks lifted their price objective on shares of Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research note on Wednesday, December 6th. Stephens assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, January 9th. They issued an “overweight” rating and a $29.00 price objective for the company. Finally, BidaskClub upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday, January 13th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty have assigned a buy rating to the company. Patterson-UTI Energy has an average rating of “Buy” and an average target price of $26.21.
The stock has a market capitalization of $4,200.00, a P/E ratio of -125.80 and a beta of 1.02. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). The business had revenue of $787.33 million for the quarter, compared to the consensus estimate of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 5.07%. The business’s revenue for the quarter was up 218.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.53) EPS. equities analysts anticipate that Patterson-UTI Energy, Inc. will post 0.01 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th will be paid a dividend of $0.02 per share. The ex-dividend date is Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.42%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -53.33%.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its stake in shares of 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 worth $194,000 after acquiring an additional 7,274 shares in the last quarter. Ballentine Partners LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $216,000. WealthTrust Axiom LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $217,000. Schroder Investment Management Group bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $219,000. Finally, Falcon Point Capital LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $222,000. Hedge funds and other institutional investors own 95.41% of the company’s stock.
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About Patterson-UTI Energy
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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