Patterson-UTI Energy, Inc. (PTEN) Rating Reiterated by Cowen and Company
Patterson-UTI Energy, Inc. (NASDAQ:PTEN)‘s stock had its “hold” rating reiterated by stock analysts at Cowen and Company in a research note issued to investors on Sunday. They currently have a $24.00 price objective on the oil and gas company’s stock. Cowen and Company’s price target indicates a potential upside of 28.27% from the company’s previous close.
A number of other research analysts also recently issued reports on PTEN. BidaskClub downgraded shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. 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 research report on Saturday, June 24th. BMO Capital Markets reiterated a “hold” rating and set a $23.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, July 13th. Piper Jaffray Companies reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, September 5th. Finally, Jefferies Group LLC set a $32.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Tuesday, June 6th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $27.36.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 18.71 on Friday. The company has a 50-day moving average of $17.09 and a 200-day moving average of $20.88. The company’s market cap is $3.96 billion. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The company had revenue of $579.00 million for the quarter, compared to the consensus estimate of $556.47 million. During the same quarter in the previous year, the company earned ($0.58) EPS. Patterson-UTI Energy’s quarterly revenue was up 198.5% compared to the same quarter last year. On average, equities research analysts expect that Patterson-UTI Energy will post ($0.92) earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Frontier Investment Mgmt Co. bought a new position in Patterson-UTI Energy during the second quarter valued at about $4,416,000. Benefit Street Partners LLC grew its position in Patterson-UTI Energy by 30.1% during the second quarter. Benefit Street Partners LLC now owns 255,528 shares of the oil and gas company’s stock valued at $5,159,000 after buying an additional 59,053 shares during the period. Lord Abbett & CO. LLC grew its position in Patterson-UTI Energy by 6.2% during the second quarter. Lord Abbett & CO. LLC now owns 1,217,216 shares of the oil and gas company’s stock valued at $24,576,000 after buying an additional 70,913 shares during the period. Ashburton Jersey Ltd grew its position in Patterson-UTI Energy by 43.4% during the second quarter. Ashburton Jersey Ltd now owns 87,540 shares of the oil and gas company’s stock valued at $1,767,000 after buying an additional 26,500 shares during the period. Finally, California State Teachers Retirement System grew its position in Patterson-UTI Energy by 15.0% during the second quarter. California State Teachers Retirement System now owns 383,913 shares of the oil and gas company’s stock valued at $7,751,000 after buying an additional 50,038 shares during the period. Institutional investors own 98.44% of the company’s stock.
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.
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