Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received a consensus rating of “Buy” from the thirty brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $26.68.

A number of brokerages have issued reports on PTEN. Royal Bank Of Canada reaffirmed a “buy” rating and set a $29.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. Jefferies Group LLC set a $26.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, October 5th. Deutsche Bank AG began coverage on Patterson-UTI Energy in a research report on Tuesday. They set a “buy” rating and a $25.00 target price for the company. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Wednesday. Finally, Citigroup Inc. set a $24.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, October 5th.

Institutional investors have recently added to or reduced their stakes in the business. Riverhead Capital Management LLC raised its stake in Patterson-UTI Energy by 86.2% during the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after acquiring an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Patterson-UTI Energy by 11.7% during the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after acquiring an additional 1,089 shares in the last quarter. Madden Advisory Services Inc. acquired a new position in Patterson-UTI Energy during the second quarter worth $236,000. Gluskin Sheff & Assoc Inc. raised its stake in Patterson-UTI Energy by 7.1% during the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after acquiring an additional 780 shares in the last quarter. Finally, Pacad Investment Ltd. acquired a new position in Patterson-UTI Energy during the second quarter worth $246,000. Hedge funds and other institutional investors own 98.56% of the company’s stock.

Patterson-UTI Energy (NASDAQ PTEN) traded down 3.66% during midday trading on Friday, hitting $20.53. 3,974,366 shares of the company traded hands. The company’s market cap is $4.35 billion. The stock has a 50 day moving average price of $18.78 and a 200-day moving average price of $20.29. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.09. The firm had revenue of $579.00 million during the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The company’s revenue was up 198.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.58) earnings per share. Analysts expect that Patterson-UTI Energy will post ($0.91) EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th were paid a dividend of $0.02 per share. The ex-dividend date was Wednesday, September 6th. This represents a $0.08 annualized dividend and a yield of 0.39%. Patterson-UTI Energy’s dividend payout ratio is currently -4.06%.

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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.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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