Patterson-UTI Energy (PTEN) Research Coverage Started at Stephens

Stephens assumed coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report report published on Tuesday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $29.00 price objective on the oil and gas company’s stock.

Other analysts also recently issued reports about the company. Cowen restated a market perform rating and issued a $20.00 price objective (down from $24.00) on shares of Patterson-UTI Energy in a report on Friday, October 27th. Zacks Investment Research upgraded Patterson-UTI Energy from a hold rating to a buy rating and set a $23.00 price objective for the company in a report on Wednesday, October 11th. Credit Suisse Group lifted their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the company a neutral rating in a report on Friday, October 27th. SunTrust Banks lifted their price objective on Patterson-UTI Energy to $31.00 and gave the company a buy rating in a report on Wednesday, December 6th. Finally, Jefferies Group set a $26.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have issued a buy rating to the stock. Patterson-UTI Energy currently has an average rating of Buy and an average price target of $26.90.

Patterson-UTI Energy (NASDAQ PTEN) traded up $0.24 during trading hours on Tuesday, hitting $23.81. The stock had a trading volume of 4,020,000 shares, compared to its average volume of 3,050,000. Patterson-UTI Energy has a fifty-two week low of $14.83 and a fifty-two week high of $29.76. The company has a market capitalization of $5,300.00, a P/E ratio of -15.36 and a beta of 1.08. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The business had revenue of $684.99 million during the quarter, compared to the consensus estimate of $688.05 million. During the same period last year, the company earned ($0.58) earnings per share. The business’s revenue for the quarter was up 232.3% compared to the same quarter last year. analysts forecast that Patterson-UTI Energy will post -0.8 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date was Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is presently -5.16%.

In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.60% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Rubric Capital Management LP acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $16,605,000. Wealthsource Partners LLC acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $322,000. Tortoise Capital Advisors L.L.C. raised its stake in shares of Patterson-UTI Energy by 10.6% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 84,875 shares of the oil and gas company’s stock worth $1,777,000 after buying an additional 8,142 shares during the period. GeoSphere Capital Management raised its stake in shares of Patterson-UTI Energy by 208.5% during the 3rd quarter. GeoSphere Capital Management now owns 140,000 shares of the oil and gas company’s stock worth $2,932,000 after buying an additional 94,620 shares during the period. Finally, Ameritas Investment Partners Inc. raised its stake in shares of Patterson-UTI Energy by 92.6% during the 3rd quarter. Ameritas Investment Partners Inc. now owns 94,433 shares of the oil and gas company’s stock worth $1,733,000 after buying an additional 45,400 shares during the period. 97.71% of the stock is owned by institutional investors and hedge funds.

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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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