Patterson-UTI Energy Inc. (PTEN) Upgraded to Buy at Bank of America Corp.
Bank of America Corp. upgraded shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) from a neutral rating to a buy rating in a research note released on Wednesday morning, The Fly reports.
PTEN has been the topic of several other research reports. Citigroup Inc. cut their price objective on shares of Patterson-UTI Energy from $22.00 to $21.00 and set a neutral rating on the stock in a report on Monday, September 12th. Nomura set a $18.00 price objective on shares of Patterson-UTI Energy and gave the company a hold rating in a report on Tuesday, August 16th. Jefferies Group reiterated a buy rating and issued a $29.00 price target on shares of Patterson-UTI Energy in a report on Wednesday, October 19th. Gabelli upgraded shares of Patterson-UTI Energy from a hold rating to a buy rating and set a $26.00 price target on the stock in a report on Wednesday, September 14th. Finally, Scotiabank reiterated a sector perform rating and issued a $27.00 price target (up previously from $22.00) on shares of Patterson-UTI Energy in a report on Friday, October 28th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. Patterson-UTI Energy presently has an average rating of Hold and an average price target of $20.30.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 26.67 on Wednesday. Patterson-UTI Energy has a one year low of $10.94 and a one year high of $25.01. The stock’s market cap is $3.91 billion. The firm’s 50-day moving average is $23.36 and its 200 day moving average is $20.87.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, October 27th. The company reported ($0.58) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.60) by $0.02. Patterson-UTI Energy had a negative net margin of 29.69% and a negative return on equity of 12.24%. The firm had revenue of $206.10 million for the quarter, compared to the consensus estimate of $205.31 million. During the same quarter in the prior year, the company posted ($0.26) earnings per share. The company’s revenue for the quarter was down 51.2% compared to the same quarter last year. On average, analysts anticipate that Patterson-UTI Energy will post ($2.31) EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 22nd. Investors of record on Thursday, December 8th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date is Tuesday, December 6th. Patterson-UTI Energy’s payout ratio is -3.92%.
Several hedge funds have recently modified their holdings of PTEN. Geode Capital Management LLC increased its stake in shares of Patterson-UTI Energy by 5.8% in the first quarter. Geode Capital Management LLC now owns 967,804 shares of the company’s stock worth $17,052,000 after buying an additional 53,194 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Patterson-UTI Energy by 300.0% in the first quarter. Renaissance Technologies LLC now owns 842,938 shares of the company’s stock worth $14,853,000 after buying an additional 632,200 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth about $964,000. BNP Paribas Arbitrage SA increased its stake in shares of Patterson-UTI Energy by 1,307.2% in the second quarter. BNP Paribas Arbitrage SA now owns 64,801 shares of the company’s stock worth $1,382,000 after buying an additional 60,196 shares during the last quarter. Finally, DNB Asset Management AS acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth about $220,000.
About Patterson-UTI Energy
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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