Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Downgraded by BidaskClub to Sell
BidaskClub downgraded shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from a hold rating to a sell rating in a report published on Thursday.
A number of other analysts have also commented on PTEN. Royal Bank Of Canada set a $35.00 price objective on shares of Patterson-UTI Energy and gave the stock a buy rating in a research report on Saturday, June 24th. Seaport Global Securities reissued a neutral rating on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. Zacks Investment Research lowered shares of Patterson-UTI Energy from a hold rating to a sell rating in a research report on Thursday. BMO Capital Markets reissued a hold rating and issued a $23.00 price objective on shares of Patterson-UTI Energy in a research report on Thursday, July 13th. Finally, Piper Jaffray Companies reissued a neutral rating and issued a $20.50 price objective (down previously from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Patterson-UTI Energy presently has a consensus rating of Hold and an average price target of $26.84.
Shares of Patterson-UTI Energy (PTEN) traded down 1.49% during midday trading on Thursday, hitting $19.22. 1,635,143 shares of the company’s stock traded hands. The company has a 50 day moving average price of $20.11 and a 200 day moving average price of $23.63. The firm’s market capitalization is $3.17 billion. Patterson-UTI Energy has a 1-year low of $17.61 and a 1-year high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. The business had revenue of $579 million for the quarter, compared to analyst estimates of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 11.28%. The firm’s revenue for the quarter was up 198.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.58) earnings per share. Equities analysts anticipate that Patterson-UTI Energy will post ($1.04) earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is presently -4.06%.
Institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its position in Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after buying an additional 683 shares during the period. World Asset Management Inc increased its position in Patterson-UTI Energy by 2.5% in the second quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 295 shares during the period. LS Investment Advisors LLC increased its position in Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock valued at $262,000 after buying an additional 754 shares during the period. First Mercantile Trust Co. acquired a new position in Patterson-UTI Energy during the first quarter valued at approximately $263,000. Finally, Timber Hill LLC acquired a new position in Patterson-UTI Energy during the first quarter valued at approximately $269,000. Institutional investors and hedge funds own 85.05% 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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