Patterson-UTI Energy Inc. (PTEN) Receives “Buy” Rating from DA Davidson
Patterson-UTI Energy Inc. (NASDAQ:PTEN)‘s stock had its “buy” rating reiterated by analysts at DA Davidson in a research report issued to clients and investors on Thursday. They currently have a $26.00 price objective on the stock. DA Davidson’s price target would indicate a potential upside of 37.13% from the company’s current price.
Several other brokerages also recently issued reports on PTEN. Bank of America Corp. upgraded Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research report on Tuesday, August 16th. Goldman Sachs Group Inc. restated a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, July 5th. Macquarie downgraded Patterson-UTI Energy from a “neutral” rating to an “underperform” rating and set a $14.00 price objective on the stock. in a research report on Tuesday, August 9th. Cowen and Company upped their price objective on Patterson-UTI Energy from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, July 29th. Finally, Seaport Global Securities upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research report on Friday, July 8th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $19.64.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded up 2.083% during trading on Thursday, hitting $19.355. 883,775 shares of the company traded hands. Patterson-UTI Energy has a 52-week low of $10.94 and a 52-week high of $22.12. The company has a 50-day moving average of $19.92 and a 200-day moving average of $19.08. The stock’s market capitalization is $2.83 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.63) by $0.05. The company had revenue of $193.90 million for the quarter, compared to analyst estimates of $193.19 million. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. Patterson-UTI Energy’s revenue was down 59.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.13) earnings per share. Equities analysts expect that Patterson-UTI Energy will post ($2.34) EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be given a $0.02 dividend. The ex-dividend date is Tuesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.42%. Patterson-UTI Energy’s payout ratio is -2.67%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Group LTD increased its stake in shares of Patterson-UTI Energy by 31.3% in the first quarter. BlackRock Group LTD now owns 104,877 shares of the company’s stock valued at $1,848,000 after buying an additional 24,972 shares during the period. Commonwealth Equity Services Inc increased its stake in shares of Patterson-UTI Energy by 1.2% in the second quarter. Commonwealth Equity Services Inc now owns 12,932 shares of the company’s stock valued at $276,000 after buying an additional 150 shares during the period. Royal Bank of Canada increased its stake in shares of Patterson-UTI Energy by 1,514.6% in the first quarter. Royal Bank of Canada now owns 79,503 shares of the company’s stock valued at $1,401,000 after buying an additional 85,123 shares during the period. State Street Corp increased its stake in shares of Patterson-UTI Energy by 2.7% in the first quarter. State Street Corp now owns 4,101,000 shares of the company’s stock valued at $72,263,000 after buying an additional 107,318 shares during the period. Finally, Mutual of America Capital Management LLC increased its stake in shares of Patterson-UTI Energy by 8.7% in the second quarter. Mutual of America Capital Management LLC now owns 109,103 shares of the company’s stock valued at $2,326,000 after buying an additional 8,770 shares during the period.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
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