Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $17.31, but opened at $16.98. Patterson-UTI Energy shares last traded at $17.34, with a volume of 2,718,476 shares changing hands.

Several research firms have recently issued reports on PTEN. Royal Bank Of Canada set a $35.00 target price on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Saturday, June 24th. Citigroup Inc. upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their target price for the company from $21.00 to $19.00 in a report on Wednesday, August 30th. BMO Capital Markets reiterated a “hold” rating and set a $23.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Seaport Global Securities lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and lowered their target price for the company from $29.00 to $21.00 in a report on Wednesday, June 21st. Finally, BidaskClub lowered shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eighteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $27.25.

The company has a 50 day moving average price of $17.42 and a 200-day moving average price of $21.41. The company’s market capitalization is $3.70 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. The business 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%. The business’s quarterly revenue was up 198.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.58) earnings per share. On average, analysts expect that Patterson-UTI Energy, Inc. will post ($0.90) earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.46%. Patterson-UTI Energy’s dividend payout ratio is currently -4.06%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Thrivent Financial For Lutherans raised its holdings in shares of Patterson-UTI Energy by 3.0% in the first quarter. Thrivent Financial For Lutherans now owns 1,570,180 shares of the oil and gas company’s stock worth $38,108,000 after buying an additional 46,250 shares during the last quarter. Airain ltd purchased a new position in shares of Patterson-UTI Energy in the first quarter worth $966,000. State Street Corp raised its holdings in shares of Patterson-UTI Energy by 10.1% in the first quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after buying an additional 418,702 shares during the last quarter. Tudor Investment Corp ET AL raised its holdings in shares of Patterson-UTI Energy by 60.3% in the first quarter. Tudor Investment Corp ET AL now owns 14,382 shares of the oil and gas company’s stock worth $349,000 after buying an additional 5,408 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its holdings in shares of Patterson-UTI Energy by 1.7% in the first quarter. OppenheimerFunds Inc. now owns 786,255 shares of the oil and gas company’s stock worth $19,082,000 after buying an additional 13,380 shares during the last quarter. 98.57% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY NOTICE: This piece was published by Daily Political and is owned by of Daily Political. If you are viewing this piece on another site, it was stolen and republished in violation of US & international copyright and trademark law. The original version of this piece can be read at https://www.dailypolitical.com/2017/09/08/patterson-uti-energy-inc-pten-shares-gap-up-to-16-98-2.html.

Patterson-UTI Energy Company Profile

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.