Shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) were down 1.1% during mid-day trading on Monday . The stock traded as low as $20.76 and last traded at $21.02, with a volume of 1,791,543 shares trading hands. The stock had previously closed at $21.25.

Several equities analysts recently weighed in on the stock. Credit Suisse Group AG lowered shares of Patterson-UTI Energy from a “neutral” rating to an “underperform” rating and lifted their target price for the company from $14.00 to $15.00 in a report on Wednesday, June 1st. Nomura Holdings Inc. assumed coverage on shares of Patterson-UTI Energy in a report on Friday, April 8th. They set a “neutral” rating and a $16.00 target price on the stock. Seaport Global Securities upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a report on Friday, July 8th. Piper Jaffray Cos. upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a report on Wednesday, June 29th. Finally, Gabelli assumed coverage on shares of Patterson-UTI Energy in a report on Thursday, June 16th. They set a “hold” rating on the stock. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $18.91.

The firm’s market capitalization is $3.08 billion. The company’s 50 day moving average is $20.59 and its 200-day moving average is $17.22.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. During the same quarter last year, the business earned $0.06 EPS. The business earned $269 million during the quarter, compared to the consensus estimate of $261.43 million. The firm’s quarterly revenue was down 59.1% compared to the same quarter last year. On average, equities research analysts predict that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 23rd. Stockholders of record on Thursday, June 9th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Tuesday, June 7th.

Other hedge funds recently made changes to their positions in the company. Matarin Capital Management LLC bought a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $1,119,000. Liberty Mutual Group Asset Management Inc. increased its stake in shares of Patterson-UTI Energy by 51.3% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 94,881 shares of the company’s stock valued at $1,430,000 after buying an additional 32,170 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Patterson-UTI Energy by 10.3% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 98,393 shares of the company’s stock valued at $1,484,000 after buying an additional 9,160 shares during the period. Teton Advisors Inc. increased its stake in shares of Patterson-UTI Energy by 6.7% in the fourth quarter. Teton Advisors Inc. now owns 100,846 shares of the company’s stock valued at $1,521,000 after buying an additional 6,370 shares during the period. Finally, BOKF NA increased its stake in shares of Patterson-UTI Energy by 2.7% in the fourth quarter. BOKF NA now owns 111,343 shares of the company’s stock valued at $1,679,000 after buying an additional 2,947 shares during the period.

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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