Patterson-UTI Energy Inc. (PTEN) Shares Down 2.4%
Patterson-UTI Energy Inc. (NASDAQ:PTEN) was 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 research analysts have commented on PTEN shares. Citigroup Inc. lowered Patterson-UTI Energy from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $17.00 to $20.00 in a research report on Friday, March 18th. Howard Weil lowered Patterson-UTI Energy from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, March 28th. Scotiabank lowered Patterson-UTI Energy from an “outperform” rating to a “sector perform” rating in a research report on Monday, March 28th. Nomura Holdings Inc. started coverage on Patterson-UTI Energy in a research report on Friday, April 8th. They issued a “neutral” rating and a $16.00 price objective on the stock. Finally, JPMorgan Chase & Co. lowered Patterson-UTI Energy from a “neutral” rating to an “underweight” rating and set a $13.00 price objective on the stock. in a research report on Friday, April 15th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $18.48.
The firm’s market capitalization is $3.07 billion. The firm has a 50-day moving average price of $20.28 and a 200-day moving average price of $17.08.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, April 28th. The company reported ($0.48) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.54) by $0.06. The firm had revenue of $269 million for the quarter, compared to analysts’ expectations of $261.43 million. The firm’s revenue for the quarter was down 59.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.06 earnings per share. On average, equities analysts predict that Patterson-UTI Energy Inc. will post ($2.34) earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 23rd. Shareholders of record on Thursday, June 9th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Tuesday, June 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.37%.
A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in Patterson-UTI Energy by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,566,543 shares of the company’s stock worth $129,185,000 after buying an additional 187,351 shares during the last quarter. Matarin Capital Management LLC bought a new position in Patterson-UTI Energy during the fourth quarter worth $1,119,000. Jennison Associates LLC boosted its position in 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 period. Marshall Wace LLP bought a new position in Patterson-UTI Energy during the fourth quarter worth $2,460,000. Finally, Fiduciary Management Associates LLC boosted its position in 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 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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