Patterson-UTI Energy, Inc. (PTEN) Shares Gap Down to $21.31

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $21.79, but opened at $21.31. Patterson-UTI Energy shares last traded at $20.53, with a volume of 3,974,366 shares.

A number of brokerages have weighed in on PTEN. Royal Bank Of Canada set a $35.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Saturday, June 24th. Citigroup Inc. raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $21.00 to $19.00 in a research note on Wednesday, August 30th. Seaport Global Securities downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $29.00 to $21.00 in a research note on Wednesday, June 21st. BMO Capital Markets reaffirmed a “hold” rating and issued a $23.00 target price on shares of Patterson-UTI Energy in a research note on Thursday, July 13th. Finally, BidaskClub downgraded shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $26.82.

The company’s 50 day moving average is $18.78 and its 200 day moving average is $20.29. The stock’s market capitalization is $4.35 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $579.00 million during the quarter, compared to analyst estimates of $556.47 million. During the same quarter last year, the business earned ($0.58) EPS. The company’s revenue was up 198.5% compared to the same quarter last year. On average, analysts forecast that Patterson-UTI Energy, Inc. will post ($0.91) EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $0.08 annualized dividend and a yield of 0.39%. Patterson-UTI Energy’s payout ratio is -4.06%.

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in shares of Patterson-UTI Energy by 60.9% in the 2nd quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock valued at $64,290,000 after acquiring an additional 1,205,084 shares in the last quarter. State Street Corp increased its stake in shares of Patterson-UTI Energy by 10.1% in the 1st quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock valued at $110,685,000 after acquiring an additional 418,702 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Patterson-UTI Energy by 59.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock valued at $66,229,000 after acquiring an additional 1,228,607 shares in the last quarter. Federated Investors Inc. PA increased its stake in shares of Patterson-UTI Energy by 9.9% in the 2nd quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock valued at $2,779,000 after acquiring an additional 12,454 shares in the last quarter. Finally, Scout Investments Inc. increased its stake in shares of Patterson-UTI Energy by 101.7% in the 2nd quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock valued at $21,182,000 after acquiring an additional 529,023 shares in the last quarter. Institutional investors own 98.56% of the company’s stock.

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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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