Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares rose 1.4% on Thursday . The company traded as high as $19.97 and last traded at $19.54. Approximately 1,144,506 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 3,896,910 shares. The stock had previously closed at $19.82.
PTEN has been the topic of a number of recent analyst reports. Citigroup set a $24.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, February 9th. Royal Bank of Canada set a $34.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Monday, February 5th. BidaskClub raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday, January 13th. Jefferies Group set a $30.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, January 4th. Finally, SunTrust Banks raised their target price on Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a report on Wednesday, December 6th. Three investment 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. The company has a consensus rating of “Buy” and an average target price of $26.21.
The firm has a market cap of $4,183.43, a price-to-earnings ratio of -141.57 and a beta of 1.21. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. The firm had revenue of $787.33 million for the quarter, compared to analyst estimates of $764.84 million. During the same period in the previous year, the business posted ($0.53) EPS. Patterson-UTI Energy’s revenue for the quarter was up 218.9% compared to the same quarter last year. equities analysts expect that Patterson-UTI Energy, Inc. will post 0.03 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend is Wednesday, March 7th. Patterson-UTI Energy’s payout ratio is presently -57.14%.
In related news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Terry H. Hunt sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $19.46, for a total value of $194,600.00. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. lifted its position in shares of Patterson-UTI Energy by 26.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 771,726 shares of the oil and gas company’s stock worth $16,160,000 after buying an additional 162,677 shares during the period. New Mexico Educational Retirement Board bought a new position in Patterson-UTI Energy in the 4th quarter valued at $1,215,000. Millennium Management LLC raised its position in Patterson-UTI Energy by 601.6% in the 4th quarter. Millennium Management LLC now owns 4,059,127 shares of the oil and gas company’s stock valued at $93,401,000 after purchasing an additional 3,480,569 shares during the last quarter. New York State Common Retirement Fund raised its position in Patterson-UTI Energy by 4.7% in the 3rd quarter. New York State Common Retirement Fund now owns 1,179,300 shares of the oil and gas company’s stock valued at $24,695,000 after purchasing an additional 53,473 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Patterson-UTI Energy by 3.3% in the 3rd quarter. California Public Employees Retirement System now owns 495,566 shares of the oil and gas company’s stock valued at $10,377,000 after purchasing an additional 15,915 shares during the last quarter. Institutional investors and hedge funds own 99.66% of the company’s stock.
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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