UBS AG restated their buy rating on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a research note released on Monday, July 31st, www.flashratings.com reports. The firm currently has a $25.00 price objective on the oil and gas company’s stock, down from their previous price objective of $35.00. The analysts noted that the move was a valuation call.
A number of other brokerages have also recently weighed in on PTEN. Piper Jaffray Companies reaffirmed a neutral rating and issued a $20.50 price target (down previously from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday, July 12th. Morgan Stanley reaffirmed an overweight rating on shares of Patterson-UTI Energy in a research report on Friday, April 28th. Jefferies Group LLC set a $35.00 price target on Patterson-UTI Energy and gave the stock a buy rating in a research report on Monday, April 24th. Wolfe Research cut Patterson-UTI Energy from an outperform rating to a market perform rating in a research report on Tuesday, June 6th. Finally, Royal Bank Of Canada set a $35.00 price target on Patterson-UTI Energy and gave the stock a buy rating in a research report on Saturday, June 24th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $27.78.
Patterson-UTI Energy (NASDAQ PTEN) traded up 1.23% during midday trading on Monday, hitting $15.63. The stock had a trading volume of 5,557,201 shares. The stock has a 50-day moving average price of $19.00 and a 200 day moving average price of $22.57. The firm’s market cap is $3.31 billion. Patterson-UTI Energy has a one year low of $15.25 and a one year high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The company had revenue of $579 million during the quarter, compared to analysts’ expectations of $556.47 million. During the same quarter in the previous year, the firm earned ($0.58) earnings per share. The business’s quarterly revenue was up 198.5% compared to the same quarter last year. On average, analysts predict that Patterson-UTI Energy will post ($0.91) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be paid a $0.02 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.51%. Patterson-UTI Energy’s dividend payout ratio is currently -4.06%.
Several large investors have recently added to or reduced their stakes in PTEN. Riverhead Capital Management LLC raised its stake in Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Patterson-UTI Energy by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after buying an additional 1,089 shares during the period. Madden Advisory Services Inc. acquired a new stake in Patterson-UTI Energy during the second quarter worth approximately $236,000. Gluskin Sheff & Assoc Inc. raised its stake in Patterson-UTI Energy by 7.1% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after buying an additional 780 shares during the period. Finally, Pacad Investment Ltd. acquired a new stake in Patterson-UTI Energy during the second quarter worth approximately $246,000. Institutional investors 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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