Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received a consensus recommendation of “Buy” from the twenty-nine research firms that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and twenty have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $26.38.
Several brokerages have commented on PTEN. BidaskClub downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Friday, March 2nd. BMO Capital Markets set a $24.00 price target on Patterson-UTI Energy and gave the company a “hold” rating in a report on Friday, February 9th. Deutsche Bank lowered their price target on Patterson-UTI Energy from $26.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, February 9th. Jefferies Group set a $25.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Seaport Global Securities reiterated a “hold” rating and set a $24.00 price target on shares of Patterson-UTI Energy in a report on Monday, February 12th.
Patterson-UTI Energy (NASDAQ:PTEN) traded up $0.65 during trading hours on Tuesday, reaching $20.11. The company had a trading volume of 614,122 shares, compared to its average volume of 4,111,138. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $26.41. The firm has a market capitalization of $4,330.00, a P/E ratio of -17.38 and a beta of 1.21. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 4.82%. The company had revenue of $787.33 million for the quarter, compared to analyst estimates of $764.84 million. During the same quarter last year, the business earned ($0.53) EPS. The company’s revenue for the quarter was up 218.9% on a year-over-year basis. equities analysts predict that Patterson-UTI Energy will post 0.03 earnings per share 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 paid a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.08 annualized dividend and a dividend yield of 0.40%. Patterson-UTI Energy’s payout ratio is -7.14%.
In other news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were 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 SEC, which is available at this hyperlink. Company insiders own 4.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in PTEN. Nationwide Fund Advisors lifted its position in Patterson-UTI Energy by 31.8% in the third quarter. Nationwide Fund Advisors now owns 412,883 shares of the oil and gas company’s stock worth $8,646,000 after purchasing an additional 99,714 shares during the period. Aperio Group LLC lifted its position in Patterson-UTI Energy by 23.8% in the third quarter. Aperio Group LLC now owns 122,280 shares of the oil and gas company’s stock worth $2,561,000 after purchasing an additional 23,471 shares during the period. Crossmark Global Holdings Inc. bought a new position in Patterson-UTI Energy in the third quarter worth $381,000. Canada Pension Plan Investment Board lifted its position in Patterson-UTI Energy by 16.8% in the third quarter. Canada Pension Plan Investment Board now owns 152,000 shares of the oil and gas company’s stock worth $3,183,000 after purchasing an additional 21,900 shares during the period. Finally, Stevens Capital Management LP bought a new position in Patterson-UTI Energy in the third quarter worth $585,000. Institutional investors and hedge funds own 99.13% of the company’s stock.
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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