Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded down 2.6% during mid-day trading on Monday . The company traded as low as $20.45 and last traded at $20.67, with a volume of 1,796,058 shares changing hands. The stock had previously closed at $21.22.

A number of analysts have issued reports on the company. Wunderlich lowered Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a report on Friday, April 29th. Bank of America Corp. raised Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a report on Tuesday, August 16th. Cowen and Company raised their target price on Patterson-UTI Energy from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, July 29th. Nomura set a $18.00 price objective on Patterson-UTI Energy and gave the stock a “hold” rating in a report on Tuesday, August 16th. Finally, GMP Securities lowered Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Five research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Patterson-UTI Energy currently has an average rating of “Hold” and an average target price of $19.13.

The company’s market capitalization is $3.02 billion. The company has a 50 day moving average price of $20.25 and a 200 day moving average price of $18.31.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.63) by $0.05. The company had revenue of $193.90 million for the quarter, compared to analyst estimates of $193.19 million. During the same period in the prior year, the company earned ($0.13) EPS. The company’s quarterly revenue was down 59.0% compared to the same quarter last year. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post ($2.29) EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, September 8th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Tuesday, September 6th.

An institutional investor recently bought a new position in Patterson-UTI Energy stock. Marshall Wace LLP purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 163,105 shares of the company’s stock, valued at approximately $2,460,000. Marshall Wace LLP owned approximately 0.11% of Patterson-UTI Energy at the end of the most recent reporting 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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