Patterson-UTI Energy Inc. (NASDAQ:PTEN) had its price target raised by Citigroup Inc. from $21.00 to $26.00 in a research report report published on Tuesday morning. Citigroup Inc. currently has a neutral rating on the stock.
PTEN has been the subject of a number of other reports. Gabelli began coverage on Patterson-UTI Energy in a report on Thursday, June 16th. They issued a hold rating for the company. Howard Weil lifted their price target on Patterson-UTI Energy from $20.00 to $22.00 and gave the company a sector perform rating in a report on Monday, June 20th. 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. Piper Jaffray Cos. raised Patterson-UTI Energy from a neutral rating to an overweight rating in a report on Wednesday, June 29th. Finally, Simmons raised Patterson-UTI Energy from a neutral rating to an overweight rating and lifted their price target for the company from $17.50 to $23.00 in a report on Wednesday, June 29th. Five 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’s stock. The stock presently has a consensus rating of Hold and an average target price of $19.84.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 24.56 on Tuesday. The firm has a 50 day moving average of $20.66 and a 200 day moving average of $19.63. Patterson-UTI Energy has a one year low of $10.94 and a one year high of $24.64. The firm’s market capitalization is $3.59 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 28th. The company reported ($0.58) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.63) by $0.05. Patterson-UTI Energy had a negative net margin of 36.04% and a negative return on equity of 10.09%. The company had revenue of $193.90 million for the quarter, compared to the consensus estimate of $193.19 million. During the same quarter in the previous year, the company earned ($0.13) EPS. The firm’s revenue for the quarter was down 59.0% compared to the same quarter last year. Equities analysts forecast that Patterson-UTI Energy will post ($2.34) EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is currently -2.67%.
Large investors have recently bought and sold shares of the stock. Viking Fund Management LLC boosted its stake in Patterson-UTI Energy by 16.1% in the third quarter. Viking Fund Management LLC now owns 360,000 shares of the company’s stock worth $8,053,000 after buying an additional 50,000 shares during the period. Creative Planning boosted its stake in Patterson-UTI Energy by 4,739.3% in the third quarter. Creative Planning now owns 20,422 shares of the company’s stock worth $457,000 after buying an additional 20,000 shares during the period. Eqis Capital Management Inc. boosted its stake in Patterson-UTI Energy by 18.4% in the third quarter. Eqis Capital Management Inc. now owns 29,486 shares of the company’s stock worth $660,000 after buying an additional 4,588 shares during the period. Macquarie Group Ltd. boosted its stake in Patterson-UTI Energy by 16.5% in the second quarter. Macquarie Group Ltd. now owns 2,638,440 shares of the company’s stock worth $56,252,000 after buying an additional 374,120 shares during the period. Finally, Mason Street Advisors LLC acquired a new stake in Patterson-UTI Energy during the second quarter worth $1,433,000.
Patterson-UTI Energy Company Profile
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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