Patterson-UTI Energy Inc. (NASDAQ:PTEN) shares hit a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $21.00 to $26.00. Citigroup currently has a neutral rating on the stock. Patterson-UTI Energy traded as high as $24.50 and last traded at $24.28, with a volume of 2,185,100 shares trading hands. The stock had previously closed at $24.33.
Several other research firms have also recently issued reports on PTEN. Macquarie cut shares of Patterson-UTI Energy from a “neutral” rating to an “underperform” rating and set a $14.00 price target on the stock. in a report on Tuesday, August 9th. Cowen and Company upped their price target on shares of Patterson-UTI Energy from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, July 29th. DA Davidson reaffirmed a “buy” rating and issued a $26.00 price target on shares of Patterson-UTI Energy in a report on Thursday, September 15th. Scotiabank reaffirmed a “sector perform” rating and issued a $22.00 price target (up from $20.00) on shares of Patterson-UTI Energy in a report on Monday, June 20th. Finally, Gabelli raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Wednesday, September 14th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $19.84.
Several hedge funds have recently modified their holdings of PTEN. PNC Financial Services Group Inc. raised its stake in shares of Patterson-UTI Energy by 89.3% in the second quarter. PNC Financial Services Group Inc. now owns 8,732 shares of the company’s stock valued at $186,000 after buying an additional 4,118 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Patterson-UTI Energy by 76.1% in the second quarter. LS Investment Advisors LLC now owns 8,822 shares of the company’s stock valued at $188,000 after buying an additional 3,811 shares during the last quarter. DNB Asset Management AS purchased a new stake in shares of Patterson-UTI Energy during the second quarter valued at about $220,000. Amica Retiree Medical Trust purchased a new stake in shares of Patterson-UTI Energy during the second quarter valued at about $253,000. Finally, Cubist Systematic Strategies LLC raised its stake in shares of Patterson-UTI Energy by 102.1% in the second quarter. Cubist Systematic Strategies LLC now owns 11,864 shares of the company’s stock valued at $253,000 after buying an additional 5,993 shares during the last quarter.
The stock’s 50 day moving average is $20.66 and its 200 day moving average is $19.63. The stock’s market cap is $3.59 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.05. The company had revenue of $193.90 million for the quarter, compared to the consensus estimate of $193.19 million. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. The firm’s quarterly revenue was down 59.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.13) EPS. Equities research analysts predict that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Investors of record on Thursday, September 8th were paid a $0.02 dividend. The ex-dividend date was Tuesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.33%. Patterson-UTI Energy’s payout ratio is currently -2.67%.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
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