Cowen and Company reaffirmed their market perform rating on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a report published on Friday morning, Marketbeat.com reports. The firm currently has a $20.00 price objective on the oil and gas company’s stock, down from their previous price objective of $24.00.
Several other equities research analysts have also recently commented on PTEN. Piper Jaffray Companies reissued a neutral rating and set a $20.50 target price (down previously from $22.00) on shares of Patterson-UTI Energy in a report on Wednesday, July 12th. BMO Capital Markets reissued a hold rating and set a $23.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Royal Bank Of Canada reissued a buy rating and set a $29.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 20th. Seaport Global Securities reissued a neutral rating on shares of Patterson-UTI Energy in a report on Thursday, July 20th. Finally, Zacks Investment Research cut Patterson-UTI Energy from a hold rating to a sell rating in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $26.67.
Shares of Patterson-UTI Energy (NASDAQ PTEN) opened at 19.75 on Friday. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76. The company has a 50 day moving average price of $19.73 and a 200-day moving average price of $19.78. The firm’s market cap is $4.18 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.80% and a negative net margin of 14.73%. The firm had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. During the same quarter in the previous year, the company earned ($0.58) earnings per share. The firm’s quarterly revenue was up 232.3% compared to the same quarter last year. Analysts expect that Patterson-UTI Energy will post ($0.89) EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.41%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is -5.16%.
Several institutional investors have recently bought and sold shares of PTEN. Prudential Financial Inc. grew its holdings in shares of Patterson-UTI Energy by 16.9% during the 1st quarter. Prudential Financial Inc. now owns 115,219 shares of the oil and gas company’s stock valued at $2,797,000 after acquiring an additional 16,660 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Patterson-UTI Energy by 7.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after acquiring an additional 683 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Patterson-UTI Energy by 23.4% during the 1st quarter. Legal & General Group Plc now owns 205,553 shares of the oil and gas company’s stock valued at $4,989,000 after acquiring an additional 39,010 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Patterson-UTI Energy by 14.4% during the 1st quarter. Vanguard Group Inc. now owns 13,645,829 shares of the oil and gas company’s stock valued at $331,184,000 after acquiring an additional 1,719,414 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Patterson-UTI Energy by 23.5% during the 1st quarter. Geode Capital Management LLC now owns 1,378,210 shares of the oil and gas company’s stock valued at $33,448,000 after acquiring an additional 262,655 shares in the last quarter. Institutional investors and hedge funds own 98.70% 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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