Patterson-UTI Energy Inc. (PTEN) Stock Price Up 4.3%
Patterson-UTI Energy Inc. (NASDAQ:PTEN)’s share price rose 4.3% during mid-day trading on Monday . The stock traded as high as $20.31 and last traded at $20.28, with a volume of 1,265,439 shares. The stock had previously closed at $19.44.
PTEN has been the subject of several analyst reports. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, July 5th. Macquarie downgraded Patterson-UTI Energy from a “neutral” rating to an “underperform” rating and set a $14.00 price objective for the company. in a research report on Tuesday, August 9th. Seaport Global Securities upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research report on Friday, July 8th. Cowen and Company boosted their price objective on Patterson-UTI Energy from $21.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, July 29th. Finally, Scotiabank reiterated a “sector perform” rating and set a $22.00 price objective (up from $20.00) on shares of Patterson-UTI Energy in a research report on Monday, June 20th. Five analysts have rated the stock with a sell rating, thirteen have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $19.13.
The company’s 50-day moving average is $20.24 and its 200-day moving average is $18.22. The company’s market cap is $2.97 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.58) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.05. The firm earned $193.90 million during the quarter, compared to the consensus estimate of $193.19 million. The business’s revenue was down 59.0% on a year-over-year basis. During the same period last year, the business earned ($0.13) EPS. On average, equities analysts predict that Patterson-UTI Energy Inc. will post ($2.31) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Tuesday, September 6th.
Other hedge funds and institutional investors have recently made changes to their positions in the company. Jennison Associates LLC increased its position in shares of Patterson-UTI Energy by 5.7% in the fourth quarter. Jennison Associates LLC now owns 6,183,144 shares of the company’s stock worth $93,242,000 after buying an additional 332,021 shares during the period. Marshall Wace LLP purchased a new position in shares of Patterson-UTI Energy during the fourth quarter worth approximately $2,460,000. Schroder Investment Management Group purchased a new position in shares of Patterson-UTI Energy during the fourth quarter worth approximately $4,569,000. Finally, Cornerstone Capital Management Holdings LLC. increased its position in shares of Patterson-UTI Energy by 325.3% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 140,902 shares of the company’s stock worth $2,125,000 after buying an additional 107,775 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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