Patterson-UTI Energy (PTEN) Trading Up 5.4%
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares were up 5.4% during trading on Thursday . The company traded as high as $22.05 and last traded at $21.59. Approximately 4,467,961 shares changed hands during trading, an increase of 5% from the average daily volume of 4,249,786 shares. The stock had previously closed at $20.49.
A number of research analysts have commented on PTEN shares. Societe Generale started coverage on Patterson-UTI Energy in a report on Thursday, August 31st. They set a “buy” rating and a $22.00 target price on the stock. Citigroup raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price target for the stock from $21.00 to $19.00 in a report on Wednesday, August 30th. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, September 5th. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Wednesday, October 11th. Finally, Deutsche Bank assumed coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They issued a “buy” rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $26.71.
The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The firm had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. During the same period last year, the firm earned ($0.58) EPS. The firm’s revenue was up 232.3% compared to the same quarter last year. equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is currently -5.16%.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its position in Patterson-UTI Energy by 60.9% in the 2nd quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock valued at $64,290,000 after acquiring an additional 1,205,084 shares during the period. Federated Investors Inc. PA increased its position in shares of Patterson-UTI Energy by 9.9% during the 2nd quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock valued at $2,779,000 after purchasing an additional 12,454 shares during the period. Scout Investments Inc. increased its position in shares of Patterson-UTI Energy by 101.7% during the 2nd quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock valued at $21,182,000 after purchasing an additional 529,023 shares during the period. Bank of New York Mellon Corp increased its position in shares of Patterson-UTI Energy by 59.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock valued at $66,229,000 after purchasing an additional 1,228,607 shares during the period. Finally, Virginia Retirement Systems ET AL increased its position in shares of Patterson-UTI Energy by 14.6% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 166,417 shares of the oil and gas company’s stock valued at $3,360,000 after purchasing an additional 21,200 shares during the period. Hedge funds and other institutional investors own 97.99% 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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