Jefferies Group LLC Analysts Give Patterson-UTI Energy, Inc. (PTEN) a $26.00 Price Target

Jefferies Group LLC set a $26.00 price objective on Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a research note issued to investors on Saturday, July 29th. The brokerage currently has a buy rating on the oil and gas company’s stock.

Other equities research analysts also recently issued reports about the stock. Deutsche Bank AG dropped their price objective on shares of Patterson-UTI Energy from $31.00 to $28.00 and set a hold rating on the stock in a research report on Friday, April 28th. BidaskClub raised shares of Patterson-UTI Energy from a sell rating to a hold rating in a research report on Tuesday, June 13th. BMO Capital Markets reissued a hold rating and issued a $28.00 price objective on shares of Patterson-UTI Energy in a research report on Thursday, April 13th. Tudor Pickering raised shares of Patterson-UTI Energy from a hold rating to a buy rating in a research report on Monday, April 3rd. Finally, Evercore ISI reaffirmed an outperform rating and issued a $35.00 target price on shares of Patterson-UTI Energy in a research report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have given a buy rating to the company. Patterson-UTI Energy presently has a consensus rating of Hold and a consensus price target of $27.78.

Patterson-UTI Energy (NASDAQ PTEN) opened at 15.63 on Friday. Patterson-UTI Energy has a 12 month low of $15.25 and a 12 month high of $29.76. The stock’s market capitalization is $3.31 billion. The stock has a 50 day moving average price of $19.00 and a 200 day moving average price of $22.57.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. The company had revenue of $579 million for the quarter, compared to analyst estimates of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The firm’s quarterly revenue was up 198.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.58) EPS. On average, equities research analysts forecast that Patterson-UTI Energy will post ($0.91) earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be issued a dividend of $0.02 per share. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 annualized dividend and a yield of 0.51%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -4.06%.

A number of institutional investors have recently bought and sold shares of PTEN. BlackRock Inc. increased its stake in shares of 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 worth $350,991,000 after buying an additional 14,334,961 shares during the period. BlueMountain Capital Management LLC increased its stake in shares of 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 worth $75,952,000 after buying an additional 3,718,478 shares during the period. Vanguard Group Inc. increased its stake in shares of 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 buying an additional 3,115,388 shares during the period. Axar Capital Management L.P. purchased a new stake in shares of Patterson-UTI Energy during the second quarter worth approximately $59,956,000. Finally, JPMorgan Chase & Co. increased its stake in shares of 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 worth $158,823,000 after buying an additional 2,224,128 shares during the period. Hedge funds and other institutional investors own 86.12% 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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