Patterson-UTI Energy Inc. (PTEN) Trading Down 1.1%
Patterson-UTI Energy Inc. (NASDAQ:PTEN) was down 1.1% during mid-day trading on Monday . The company traded as low as $20.76 and last traded at $21.02, with a volume of 1,791,543 shares. The stock had previously closed at $21.25.
A number of equities research analysts have recently issued reports on PTEN shares. Credit Suisse Group AG lowered shares of Patterson-UTI Energy from a “neutral” rating to an “underperform” rating and upped their target price for the stock from $14.00 to $15.00 in a report on Wednesday, June 1st. Nomura Holdings Inc. started coverage on shares of Patterson-UTI Energy in a report on Friday, April 8th. They set a “neutral” rating and a $16.00 target price for the company. Seaport Global Securities raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a report on Friday, July 8th. Piper Jaffray Cos. raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a report on Wednesday, June 29th. Finally, Gabelli started coverage on shares of Patterson-UTI Energy in a report on Thursday, June 16th. They set a “hold” rating for the company. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have assigned a buy rating to the company. Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus target price of $18.91.
The firm’s market cap is $2.94 billion. The stock has a 50 day moving average of $20.61 and a 200 day moving average of $17.28.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, April 28th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. The firm earned $269 million during the quarter, compared to analysts’ expectations of $261.43 million. During the same quarter in the prior year, the business earned $0.06 EPS. The company’s quarterly revenue was down 59.1% compared to the same quarter last year. Equities analysts expect that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 23rd. Stockholders of record on Thursday, June 9th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend was Tuesday, June 7th.
Other hedge funds recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted 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 in the last quarter. Matarin Capital Management LLC bought a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $1,119,000. Jennison Associates LLC boosted its stake 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 in the last quarter. Marshall Wace LLP bought a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $2,460,000. Finally, Fiduciary Management Associates LLC boosted its stake 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 in 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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