Patterson-UTI Energy Inc. (PTEN) Shares Down 2.4%
Patterson-UTI Energy Inc. (NASDAQ:PTEN)’s share price traded down 2.4% on Tuesday . The stock traded as low as $19.89 and last traded at $19.97, with a volume of 2,411,730 shares trading hands. The stock had previously closed at $20.47.
Several equities analysts have recently weighed in on the stock. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, July 5th. Citigroup Inc. increased their price objective on shares of Patterson-UTI Energy from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday, July 13th. Jefferies Group raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and increased their price objective for the company from $19.00 to $25.00 in a research report on Monday, July 11th. KLR Group reissued a “hold” rating and issued a $29.00 price objective on shares of Patterson-UTI Energy in a research report on Friday, July 15th. Finally, Gabelli assumed coverage on shares of Patterson-UTI Energy in a research report on Thursday, June 16th. They issued a “hold” rating on the stock. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $19.13.
The stock has a 50-day moving average of $20.22 and a 200-day moving average of $18.76. The stock’s market capitalization is $2.92 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.63) by $0.05. The company had revenue of $193.90 million for the quarter, compared to the consensus estimate of $193.19 million. The company’s quarterly revenue was down 59.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.13) earnings per share. Equities research analysts forecast that Patterson-UTI Energy Inc. will post ($2.34) earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Tuesday, September 6th.
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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