Citigroup Inc. Boosts Patterson-UTI Energy Inc. (PTEN) Price Target to $26.00
Patterson-UTI Energy Inc. (NASDAQ:PTEN) had its price target boosted by Citigroup Inc. from $21.00 to $26.00 in a research report report published on Tuesday. They currently have a neutral rating on the stock.
A number of other analysts have also recently commented on PTEN. Gabelli initiated coverage on Patterson-UTI Energy in a research report on Thursday, June 16th. They issued a hold rating for the company. Howard Weil increased their target price on Patterson-UTI Energy from $20.00 to $22.00 and gave the stock a sector perform rating in a research report on Monday, June 20th. Scotiabank reiterated a sector perform rating and set a $22.00 target price (up previously from $20.00) on shares of Patterson-UTI Energy in a research report on Monday, June 20th. Piper Jaffray Cos. upgraded Patterson-UTI Energy from a neutral rating to an overweight rating in a research report on Wednesday, June 29th. Finally, Simmons upgraded Patterson-UTI Energy from a neutral rating to an overweight rating and increased their target price for the stock from $17.50 to $23.00 in a research report on Wednesday, June 29th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $19.84.
Patterson-UTI Energy (NASDAQ:PTEN) traded down 1.29% during mid-day trading on Tuesday, reaching $23.78. The company had a trading volume of 332,481 shares. The company’s market capitalization is $3.48 billion. Patterson-UTI Energy has a 1-year low of $10.94 and a 1-year high of $25.01. The firm has a 50-day moving average of $20.76 and a 200 day moving average of $19.69.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.58) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.05. The business earned $193.90 million during the quarter, compared to analysts’ expectations of $193.19 million. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. The business’s quarterly revenue was down 59.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.13) earnings per share. On average, analysts predict that Patterson-UTI Energy will post ($2.34) earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Tuesday, September 6th. This represents a $0.08 annualized dividend and a yield of 0.33%. Patterson-UTI Energy’s payout ratio is currently -2.67%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTEN. Commonwealth Equity Services Inc increased its position in Patterson-UTI Energy by 1.2% in the second quarter. Commonwealth Equity Services Inc now owns 12,932 shares of the company’s stock valued at $276,000 after buying an additional 150 shares during the last quarter. State Treasurer State of Michigan increased its position in shares of Patterson-UTI Energy by 0.7% in the second quarter. State Treasurer State of Michigan now owns 59,100 shares of the company’s stock worth $1,260,000 after buying an additional 400 shares in the last quarter. Broadview Advisors LLC increased its position in shares of Patterson-UTI Energy by 0.4% in the second quarter. Broadview Advisors LLC now owns 117,850 shares of the company’s stock worth $2,513,000 after buying an additional 500 shares in the last quarter. Leavell Investment Management Inc. increased its position in shares of Patterson-UTI Energy by 4.3% in the second quarter. Leavell Investment Management Inc. now owns 24,000 shares of the company’s stock worth $512,000 after buying an additional 1,000 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Patterson-UTI Energy by 1.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 74,377 shares of the company’s stock worth $1,586,000 after buying an additional 1,193 shares in the last quarter.
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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