Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned an average rating of “Hold” from the twenty-nine research firms that are covering the company. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and fifteen have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $26.91.

Several research firms have commented on PTEN. Zacks Investment Research raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Wednesday, February 15th. Guggenheim lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 6th. Royal Bank of Canada reissued a “buy” rating and set a $35.00 price target on shares of Patterson-UTI Energy in a research report on Monday, January 9th. Stephens raised shares of Patterson-UTI Energy from an “underweight” rating to an “equal weight” rating in a research report on Tuesday, December 13th. Finally, JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and increased their price target for the company from $14.00 to $24.00 in a research report on Wednesday, December 7th.

A number of large investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its stake in Patterson-UTI Energy by 33.6% in the fourth quarter. Van ECK Associates Corp now owns 8,545,470 shares of the company’s stock valued at $230,044,000 after buying an additional 2,151,132 shares in the last quarter. BlackRock Fund Advisors raised its stake in Patterson-UTI Energy by 3.7% in the third quarter. BlackRock Fund Advisors now owns 5,789,528 shares of the company’s stock valued at $129,512,000 after buying an additional 205,298 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Patterson-UTI Energy by 14.9% in the third quarter. JPMorgan Chase & Co. now owns 5,610,679 shares of the company’s stock valued at $125,511,000 after buying an additional 727,827 shares in the last quarter. State Street Corp raised its stake in Patterson-UTI Energy by 1.3% in the fourth quarter. State Street Corp now owns 4,141,885 shares of the company’s stock valued at $111,502,000 after buying an additional 53,727 shares in the last quarter. Finally, Prudential PLC raised its stake in Patterson-UTI Energy by 0.8% in the fourth quarter. Prudential PLC now owns 3,343,100 shares of the company’s stock valued at $89,996,000 after buying an additional 27,400 shares in the last quarter. Institutional investors and hedge funds own 98.84% of the company’s stock.

Patterson-UTI Energy (NASDAQ:PTEN) opened at 25.37 on Thursday. Patterson-UTI Energy has a 12-month low of $16.06 and a 12-month high of $29.76. The stock’s market cap is $3.72 billion. The company has a 50 day moving average of $27.29 and a 200-day moving average of $24.91.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, February 9th. The company reported ($0.53) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.54) by $0.01. The business earned $247 million during the quarter, compared to analyst estimates of $228.83 million. Patterson-UTI Energy had a negative net margin of 34.79% and a negative return on equity of 13.25%. The company’s quarterly revenue was down 27.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.40) earnings per share. Equities analysts forecast that Patterson-UTI Energy will post ($1.32) earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 22nd. Shareholders of record on Wednesday, March 8th will be given a $0.02 dividend. The ex-dividend date is Monday, March 6th. This represents a $0.08 annualized dividend and a yield of 0.32%. Patterson-UTI Energy’s dividend payout ratio is presently -3.69%.

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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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