Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received an average recommendation of “Hold” from the thirty-one ratings firms that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have issued a buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $27.60.
A number of equities research analysts have recently commented on the stock. BidaskClub cut shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Royal Bank Of Canada set a $35.00 target price on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Saturday, June 24th. BMO Capital Markets reaffirmed a “hold” rating and issued a $23.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Jefferies Group LLC set a $35.00 target price on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Monday, April 24th. Finally, Capital One Financial Corporation cut shares of Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a report on Thursday, July 27th.
Patterson-UTI Energy (NASDAQ:PTEN) traded up 1.263% during mid-day trading on Friday, hitting $15.635. The company’s stock had a trading volume of 2,247,285 shares. The company’s 50 day moving average is $19.13 and its 200-day moving average is $22.65. The stock’s market cap is $3.31 billion. Patterson-UTI Energy has a 52-week low of $15.25 and a 52-week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The business had revenue of $579 million during the quarter, compared to analysts’ expectations of $556.47 million. During the same period in the prior year, the company earned ($0.58) earnings per share. The business’s revenue was up 198.5% compared to the same quarter last year. On average, equities analysts predict that Patterson-UTI Energy will post ($0.91) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a $0.02 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.52%. Patterson-UTI Energy’s dividend payout ratio is presently -4.06%.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Patterson-UTI Energy by 11,291.0% in the first quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock valued at $350,991,000 after buying an additional 14,334,961 shares in the last quarter. BlueMountain Capital Management LLC raised its stake in Patterson-UTI Energy by 8,571.3% in the second quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock valued at $75,952,000 after buying an additional 3,718,478 shares in the last quarter. Vanguard Group Inc. raised its stake 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 valued at $338,409,000 after buying an additional 3,115,388 shares in the last quarter. Axar Capital Management L.P. acquired a new stake in Patterson-UTI Energy during the second quarter valued at approximately $59,956,000. Finally, JPMorgan Chase & Co. raised its stake in Patterson-UTI Energy by 39.4% in the second quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock valued at $158,823,000 after buying an additional 2,224,128 shares in the last quarter. Institutional investors and hedge funds own 86.12% of the company’s stock.
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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