Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received a consensus rating of “Hold” from the twenty-two research firms that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $19.71.
PTEN has been the subject of several research analyst reports. Citigroup reduced their target price on Patterson-UTI Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Goldman Sachs Group initiated coverage on Patterson-UTI Energy in a research note on Sunday, March 10th. They set a “neutral” rating and a $16.00 target price for the company. Bank of America set a $20.00 target price on Patterson-UTI Energy and gave the stock a “hold” rating in a research note on Tuesday, March 5th. Piper Jaffray Companies set a $20.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 8th. Finally, Raymond James set a $20.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 8th.
Shares of NASDAQ:PTEN traded down $0.14 during trading on Thursday, hitting $11.15. 216,787 shares of the company were exchanged, compared to its average volume of 3,125,326. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -32.56 and a beta of 1.30. Patterson-UTI Energy has a fifty-two week low of $9.49 and a fifty-two week high of $21.81. The company has a quick ratio of 1.69, a current ratio of 1.82 and a debt-to-equity ratio of 0.33.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, June 6th will be paid a $0.04 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $0.16 annualized dividend and a yield of 1.43%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
Patterson-UTI Energy announced that its board has initiated a stock buyback plan on Thursday, February 7th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the oil and gas company to purchase up to 9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. boosted its stake in Patterson-UTI Energy by 142.3% in the 1st quarter. Marshall Wace North America L.P. now owns 386,217 shares of the oil and gas company’s stock valued at $5,415,000 after purchasing an additional 226,795 shares during the period. FMR LLC boosted its stake in Patterson-UTI Energy by 98.8% in the 1st quarter. FMR LLC now owns 313,654 shares of the oil and gas company’s stock valued at $4,397,000 after purchasing an additional 155,911 shares during the period. BlueMountain Capital Management LLC bought a new stake in Patterson-UTI Energy in the 1st quarter valued at $79,000. Kiwi Wealth Investments Limited Partnership bought a new stake in Patterson-UTI Energy in the 1st quarter valued at $1,183,000. Finally, CWM Advisors LLC bought a new stake in Patterson-UTI Energy in the 1st quarter valued at $203,000. Institutional investors and hedge funds own 98.28% of the company’s stock.
Patterson-UTI Energy Company Profile
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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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