Patterson-UTI Energy Inc. (PTEN) Shares Gap Up to $19.81
Patterson-UTI Energy Inc. (NASDAQ:PTEN) shares gapped up prior to trading on Monday . The stock had previously closed at $19.72, but opened at $19.81. Patterson-UTI Energy shares last traded at $20.34, with a volume of 1,271,244 shares.
Several brokerages have recently commented on PTEN. Royal Bank Of Canada lifted their target price on Patterson-UTI Energy from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, April 29th. GMP Securities lowered Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Monday, May 2nd. Morgan Stanley lifted their target price on Patterson-UTI Energy from $18.50 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 19th. KLR Group reiterated a “hold” rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a research report on Friday, July 15th. Finally, Credit Suisse Group AG reiterated a “hold” rating and issued a $14.00 target price on shares of Patterson-UTI Energy in a research report on Friday, April 29th. Four 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. The stock has a consensus rating of “Hold” and an average price target of $19.13.
The firm’s 50-day moving average price is $20.40 and its 200 day moving average price is $17.91. The firm’s market cap is $2.98 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.58) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.63) by $0.05. The business had revenue of $193.90 million for the quarter, compared to the consensus estimate of $193.19 million. During the same quarter last year, the company earned ($0.13) earnings per share. The firm’s revenue was down 59.0% on a year-over-year basis. Analysts expect that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, September 8th will be given a dividend of $0.02 per share. The ex-dividend date is Tuesday, September 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.39%.
Other hedge funds and institutional investors have recently made changes to their positions in the company. Schroder Investment Management Group purchased a new position in shares of Patterson-UTI Energy during the fourth quarter worth approximately $4,569,000. Principal Financial Group Inc. raised its position in shares of Patterson-UTI Energy by 2.7% in the fourth quarter. Principal Financial Group Inc. now owns 473,738 shares of the company’s stock worth $7,144,000 after buying an additional 12,233 shares during the last quarter. Cornerstone Capital Management Holdings LLC. raised its position in shares of Patterson-UTI Energy by 325.3% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 140,902 shares of the company’s stock worth $2,125,000 after buying an additional 107,775 shares during the last quarter. Jennison Associates LLC raised its position 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. Finally, Fiduciary Management Associates LLC raised its position 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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