Patterson-UTI Energy Inc. (PTEN) Stock Price Up 4.3%
Patterson-UTI Energy Inc. (NASDAQ:PTEN) shares rose 4.3% during trading on Monday . The stock traded as high as $20.31 and last traded at $20.28, with a volume of 1,265,439 shares. The stock had previously closed at $19.44.
PTEN has been the topic of several research reports. Credit Suisse Group AG downgraded Patterson-UTI Energy from a “neutral” rating to an “underperform” rating and raised their price objective for the stock from $14.00 to $15.00 in a report on Wednesday, June 1st. Piper Jaffray Cos. upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a report on Wednesday, June 29th. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, July 5th. Seaport Global Securities upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a report on Friday, July 8th. Finally, Scotiabank reiterated a “sector perform” rating and issued a $22.00 price target (up from $20.00) on shares of Patterson-UTI Energy in a report on Monday, June 20th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $19.04.
The firm’s 50-day moving average is $20.22 and its 200 day moving average is $18.04. The firm’s market capitalization is $2.94 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.05. The business had revenue of $193.90 million for the quarter, compared to analyst estimates of $193.19 million. Patterson-UTI Energy’s quarterly revenue was down 59.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.13) EPS. Equities research analysts forecast that Patterson-UTI Energy Inc. will post ($2.30) earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Tuesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.40%.
A number of large investors have recently made changes to their positions in PTEN. Cornerstone Capital Management Holdings LLC. increased its stake 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. Marshall Wace LLP purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $2,460,000. Schroder Investment Management Group purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $4,569,000. Finally, 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.
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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