Patterson-UTI Energy, Inc. (PTEN) Receives $26.61 Average Price Target from Analysts
Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned an average rating of “Buy” from the twenty-seven brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and seventeen have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $26.61.
Several research analysts have recently issued reports on PTEN shares. Cowen reiterated 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. Citigroup upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $21.00 to $19.00 in a report on Wednesday, August 30th. Zacks Investment Research upgraded shares of 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. Societe Generale assumed coverage on shares of Patterson-UTI Energy in a report on Thursday, August 31st. They issued a “buy” rating and a $22.00 price objective for the company. Finally, Credit Suisse Group increased their target price on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “neutral” rating in a research note on Friday, October 27th.
Patterson-UTI Energy (NASDAQ PTEN) traded down $0.38 during midday trading on Thursday, reaching $22.59. 3,280,253 shares of the company’s stock traded hands, compared to its average volume of 3,040,000. Patterson-UTI Energy has a 1 year low of $14.83 and a 1 year high of $29.76. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. The company has a market cap of $4,940.00, a PE ratio of -14.57 and a beta of 1.08.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.04. The business had revenue of $684.99 million during the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business’s revenue was up 232.3% on a year-over-year basis. During the same period last year, the firm posted ($0.58) earnings per share. equities research analysts anticipate that Patterson-UTI Energy will post -0.8 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Investors of record on Thursday, December 7th were given a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, December 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.35%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -5.16%.
Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Patterson-UTI Energy by 22.8% in the 2nd quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock valued at $338,409,000 after acquiring an additional 3,115,388 shares in the last quarter. BlackRock Inc. lifted its position in shares of Patterson-UTI Energy by 11.5% in the 2nd quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock valued at $325,506,000 after acquiring an additional 1,660,164 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Patterson-UTI Energy by 6.6% in the 3rd quarter. Van ECK Associates Corp now owns 10,177,949 shares of the oil and gas company’s stock valued at $213,126,000 after acquiring an additional 630,350 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Patterson-UTI Energy by 6.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,367,543 shares of the oil and gas company’s stock valued at $174,379,000 after acquiring an additional 501,179 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Patterson-UTI Energy by 31.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,567,435 shares of the oil and gas company’s stock valued at $116,581,000 after acquiring an additional 1,335,098 shares in the last quarter. Institutional investors and hedge funds own 97.71% 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.
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with Analyst Ratings Network's FREE daily email newsletter.