TheStreet Upgrades Patterson-UTI Energy (PTEN) to C-

TheStreet upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a d+ rating to a c- rating in a research note published on Monday morning.

PTEN has been the topic of a number of other research reports. Cowen reissued a market perform rating and issued a $20.00 price target (down previously from $24.00) on shares of Patterson-UTI Energy in a research note on Friday, October 27th. Citigroup raised shares of Patterson-UTI Energy from a neutral rating to a buy rating and dropped their price target for the company from $21.00 to $19.00 in a research note on Wednesday, August 30th. Zacks Investment Research raised shares of Patterson-UTI Energy from a hold rating to a buy rating and set a $23.00 price target on the stock in a research note on Wednesday, October 11th. Societe Generale began coverage on shares of Patterson-UTI Energy in a research note on Thursday, August 31st. They issued a buy rating and a $22.00 price target on the stock. Finally, Credit Suisse Group lifted their price target on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the company a neutral rating in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $27.00.

Shares of Patterson-UTI Energy (NASDAQ PTEN) opened at $21.57 on Monday. Patterson-UTI Energy has a one year low of $14.83 and a one year high of $29.76. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04. The business had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business’s revenue was up 232.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.58) EPS. equities analysts forecast that Patterson-UTI Energy will post -0.81 earnings per share for the current year.

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 issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.37%. Patterson-UTI Energy’s payout ratio is currently -5.16%.

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its holdings in 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 purchasing an additional 1,205,084 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Patterson-UTI Energy by 14.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock valued at $5,474,000 after purchasing an additional 32,293 shares in the last quarter. Federated Investors Inc. PA lifted its holdings in 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 purchasing an additional 12,454 shares in the last quarter. Scout Investments Inc. lifted its holdings in 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 purchasing an additional 529,023 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in 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 purchasing an additional 1,228,607 shares in the last quarter. Institutional investors own 97.91% 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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