Patterson-UTI Energy, Inc. (PTEN) Stock Price Up 6.6%
Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price rose 6.6% during mid-day trading on Tuesday . The company traded as high as $17.18 and last traded at $17.00. Approximately 6,330,377 shares traded hands during mid-day trading, an increase of 47% from the average daily volume of 4,302,470 shares. The stock had previously closed at $15.94.
PTEN has been the topic of a number of analyst reports. Jefferies Group LLC set a $32.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Tuesday, June 6th. Royal Bank Of Canada restated a “buy” rating and issued a $35.00 price objective on shares of Patterson-UTI Energy in a research report on Friday, May 19th. Piper Jaffray Companies set a $22.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, July 27th. UBS AG reiterated a “buy” rating and set a $25.00 price target (down previously from $35.00) on shares of Patterson-UTI Energy in a research report on Monday, July 31st. They noted that the move was a valuation call. Finally, Citigroup Inc. upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price target for the company from $21.00 to $19.00 in a research report on Wednesday, August 30th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eighteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $27.25.
The stock has a 50-day moving average of $17.71 and a 200 day moving average of $21.54. The stock’s market cap is $3.60 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.09. The company had revenue of $579 million during the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. Patterson-UTI Energy’s revenue for the quarter was up 198.5% on a year-over-year basis. During the same period last year, the business earned ($0.58) EPS. Analysts forecast that Patterson-UTI Energy, Inc. will post ($0.90) EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.06%.
Hedge funds have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC boosted its stake in Patterson-UTI Energy by 86.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after purchasing an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Patterson-UTI Energy by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after acquiring an additional 1,089 shares during the period. Madden Advisory Services Inc. acquired a new stake in Patterson-UTI Energy during the 2nd quarter valued at approximately $236,000. Gluskin Sheff & Assoc Inc. lifted its stake in Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after acquiring an additional 780 shares during the period. Finally, Pacad Investment Ltd. acquired a new stake in Patterson-UTI Energy during the 2nd quarter valued at approximately $246,000. Institutional investors own 98.57% of the company’s stock.
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About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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