Patterson-UTI Energy, Inc. (PTEN) Upgraded at J P Morgan Chase & Co
J P Morgan Chase & Co upgraded shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from a neutral rating to an overweight rating in a research report report published on Tuesday, Marketbeat reports. The firm currently has $24.00 price target on the oil and gas company’s stock.
A number of other brokerages also recently issued reports on PTEN. Piper Jaffray Companies restated a neutral rating and set a $20.50 price target (down previously from $22.00) on shares of Patterson-UTI Energy in a report on Wednesday, July 12th. Wolfe Research downgraded Patterson-UTI Energy from an outperform rating to a market perform rating in a report on Tuesday, June 6th. Royal Bank Of Canada set a $35.00 price target on Patterson-UTI Energy and gave the company a buy rating in a report on Saturday, June 24th. Capital One Financial Corporation downgraded Patterson-UTI Energy from an overweight rating to an equal weight rating in a report on Thursday, July 27th. Finally, Jefferies Group LLC set a $26.00 price target on Patterson-UTI Energy and gave the company a buy rating in a report on Saturday, July 29th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and eighteen have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $27.25.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded down 1.66% during midday trading on Tuesday, hitting $17.18. The company had a trading volume of 703,533 shares. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $29.76. The firm’s 50 day moving average is $17.42 and its 200 day moving average is $21.41. The company’s market capitalization is $3.64 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The company had revenue of $579 million for the quarter, compared to the consensus estimate of $556.47 million. During the same quarter in the previous year, the business earned ($0.58) EPS. Patterson-UTI Energy’s revenue was up 198.5% compared to the same quarter last year. Equities research analysts anticipate that Patterson-UTI Energy will post ($0.90) EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be issued a dividend of $0.02 per share. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.46%. Patterson-UTI Energy’s payout ratio is -4.06%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. World Asset Management Inc lifted its holdings in shares of Patterson-UTI Energy by 2.5% during the 2nd quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 295 shares during the period. Capstone Asset Management Co. lifted its holdings in shares of Patterson-UTI Energy by 3.4% during the 2nd quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock valued at $282,000 after buying an additional 460 shares during the period. Arizona State Retirement System lifted its holdings in shares of Patterson-UTI Energy by 0.7% during the 2nd quarter. Arizona State Retirement System now owns 69,700 shares of the oil and gas company’s stock valued at $1,407,000 after buying an additional 500 shares during the period. State Treasurer State of Michigan lifted its holdings in shares of Patterson-UTI Energy by 0.9% during the 2nd quarter. State Treasurer State of Michigan now owns 68,200 shares of the oil and gas company’s stock valued at $1,377,000 after buying an additional 600 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 7.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after buying an additional 683 shares during the period. 98.57% of the stock is currently owned by hedge funds and other institutional investors.
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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