Patterson-UTI Energy Inc. (PTEN) Stock Price Down 2.4%
Patterson-UTI Energy Inc. (NASDAQ:PTEN)’s share price traded down 2.4% during trading on Monday . The stock traded as low as $20.56 and last traded at $20.59, with a volume of 2,088,251 shares traded. The stock had previously closed at $21.09.
Several equities analysts recently commented on the company. Jefferies Group raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and raised their price target for the company from $19.00 to $25.00 in a report on Monday. Seaport Global Securities raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a report on Friday. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, July 5th. Simmons raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $17.50 to $23.00 in a report on Wednesday, June 29th. Finally, Piper Jaffray Cos. raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a report on Wednesday, June 29th. Four analysts have rated the stock with a sell rating, twelve have issued 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 $18.48.
The stock’s 50 day moving average price is $20.06 and its 200-day moving average price is $16.98. The company’s market cap is $3.02 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, April 28th. The company reported ($0.48) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.54) by $0.06. During the same quarter in the previous year, the company earned $0.06 earnings per share. The company earned $269 million during the quarter, compared to analyst estimates of $261.43 million. The business’s revenue for the quarter was down 59.1% on a year-over-year basis. On average, analysts expect that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 23rd. Shareholders of record on Thursday, June 9th were issued a dividend of $0.02 per share. The ex-dividend date was Tuesday, June 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.39%.
Other hedge funds have modified their holdings of the company. Eagle Asset Management increased its stake in shares of Patterson-UTI Energy by 153.1% in the third quarter. Eagle Asset Management now owns 2,085,202 shares of the company’s stock worth $27,398,000 after buying an additional 1,261,335 shares during the last quarter. UBS Oconnor LLC increased its stake in shares of Patterson-UTI Energy by 49.9% in the fourth quarter. UBS Oconnor LLC now owns 1,505,239 shares of the company’s stock worth $22,699,000 after buying an additional 500,843 shares during the last quarter. Jennison Associates LLC increased its stake 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 last quarter. Schroder Investment Management Group acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $4,569,000. Finally, Fiduciary Management Associates LLC increased its stake in shares of Patterson-UTI Energy by 33.8% in the fourth quarter. Fiduciary Management Associates LLC now owns 1,019,675 shares of the company’s stock worth $15,377,000 after buying an additional 257,445 shares during the last quarter.
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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