Royal Bank of Canada Reiterates $34.00 Price Target for Patterson-UTI Energy (PTEN)

Royal Bank of Canada set a $34.00 price objective on Patterson-UTI Energy (NASDAQ:PTEN) in a research report released on Monday. The firm currently has a buy rating on the oil and gas company’s stock.

Several other equities research analysts have also weighed in on the stock. ValuEngine lowered shares of Patterson-UTI Energy from a hold rating to a sell rating in a report on Friday, February 2nd. BidaskClub lowered shares of Patterson-UTI Energy from a buy rating to a hold rating in a report on Wednesday, January 24th. Scotiabank upgraded shares of Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a report on Friday, January 12th. Scotia Howard Weill upgraded shares of Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a report on Friday, January 12th. Finally, Howard Weil upgraded shares of Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a report on Friday, January 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $27.42.

Patterson-UTI Energy (NASDAQ:PTEN) opened at $18.71 on Monday. Patterson-UTI Energy has a twelve month low of $14.83 and a twelve month high of $29.76. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business had revenue of $787.33 million during the quarter, compared to analyst estimates of $764.84 million. During the same quarter in the prior year, the company earned ($0.53) earnings per share. The company’s quarterly revenue was up 218.9% on a year-over-year basis. analysts expect that Patterson-UTI Energy will post -0.82 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.43%. Patterson-UTI Energy’s dividend payout ratio is -5.16%.

In other news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.60% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. increased its position in shares of Patterson-UTI Energy by 11.7% during 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 acquiring an additional 1,089 shares in the last quarter. Ballentine Partners LLC bought a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $216,000. WealthTrust Axiom LLC bought a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $217,000. Falcon Point Capital LLC bought a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $222,000. Finally, Emerald Advisers Inc. PA bought a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $242,000. 98.46% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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