A number of other equities analysts also recently issued reports on PTEN. Bank of America initiated coverage on Patterson-UTI Energy in a research report on Wednesday, October 17th. They set a buy rating on the stock. ValuEngine downgraded Patterson-UTI Energy from a hold rating to a sell rating in a research report on Wednesday, October 24th. BidaskClub downgraded Patterson-UTI Energy from a sell rating to a strong sell rating in a research report on Friday, October 26th. Raymond James increased their price target on Patterson-UTI Energy from $21.00 to $22.00 and gave the stock a strong-buy rating in a research report on Friday, October 26th. Finally, UBS Group set a $23.00 target price on Patterson-UTI Energy and gave the company a buy rating in a research report on Friday, October 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $21.07.
Shares of PTEN stock opened at $13.06 on Friday. The company has a market cap of $2.76 billion, a price-to-earnings ratio of -38.41 and a beta of 1.35. The company has a current ratio of 1.66, a quick ratio of 1.54 and a debt-to-equity ratio of 0.30. Patterson-UTI Energy has a 12-month low of $9.49 and a 12-month high of $23.99.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, February 7th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.10. The company had revenue of $795.90 million for the quarter, compared to the consensus estimate of $797.10 million. Patterson-UTI Energy had a negative return on equity of 1.93% and a negative net margin of 9.66%. Patterson-UTI Energy’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.10) earnings per share. On average, research analysts predict that Patterson-UTI Energy will post -0.59 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 21st. Stockholders of record on Thursday, March 7th will be given a $0.04 dividend. The ex-dividend date is Wednesday, March 6th. This represents a $0.16 annualized dividend and a dividend yield of 1.23%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
Patterson-UTI Energy declared that its board has authorized a stock repurchase plan on Thursday, February 7th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, Director Curtis W. Huff bought 20,000 shares of the firm’s stock in a transaction dated Wednesday, December 26th. The shares were acquired at an average price of $10.14 per share, for a total transaction of $202,800.00. Following the completion of the transaction, the director now directly owns 113,304 shares in the company, valued at approximately $1,148,902.56. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 3.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. increased its holdings in shares of Patterson-UTI Energy by 237.0% in the third quarter. Alliancebernstein L.P. now owns 4,301,105 shares of the oil and gas company’s stock valued at $73,592,000 after purchasing an additional 3,024,974 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Patterson-UTI Energy by 39.1% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 7,002,153 shares of the oil and gas company’s stock valued at $119,807,000 after purchasing an additional 1,969,498 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Patterson-UTI Energy by 51.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,956,667 shares of the oil and gas company’s stock valued at $67,699,000 after purchasing an additional 1,350,950 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Patterson-UTI Energy by 28.9% in the third quarter. Point72 Asset Management L.P. now owns 4,250,500 shares of the oil and gas company’s stock valued at $72,726,000 after purchasing an additional 954,047 shares during the last quarter. Finally, Federated Investors Inc. PA increased its holdings in shares of Patterson-UTI Energy by 990.1% in the third quarter. Federated Investors Inc. PA now owns 998,638 shares of the oil and gas company’s stock valued at $17,087,000 after purchasing an additional 907,032 shares during the last quarter. Institutional investors and hedge funds own 95.91% of the company’s stock.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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