Capital One Financial Corporation lowered shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from an overweight rating to an equal weight rating in a research report released on Thursday morning.

Other equities analysts have also recently issued research reports about the company. Jefferies Group LLC restated a buy rating and set a $32.00 target price (down previously from $35.00) on shares of Patterson-UTI Energy in a report on Wednesday, May 3rd. Instinet upgraded Patterson-UTI Energy from a neutral rating to a buy rating and raised their target price for the stock from $26.00 to $31.00 in a report on Wednesday, April 5th. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the stock a buy rating in a report on Saturday, June 24th. BMO Capital Markets restated a hold rating and set a $23.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Finally, Seaport Global Securities cut Patterson-UTI Energy from a buy rating to a neutral rating and reduced their target price for the stock from $29.00 to $21.00 in a report on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $27.36.

Shares of Patterson-UTI Energy (NASDAQ PTEN) opened at 19.51 on Thursday. The firm’s 50-day moving average price is $20.11 and its 200 day moving average price is $23.63. The firm’s market cap is $3.22 billion. Patterson-UTI Energy has a 12-month low of $17.61 and a 12-month high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 11.28% and a negative net margin of 23.78%. The firm had revenue of $579 million for the quarter, compared to analysts’ expectations of $556.47 million. During the same quarter last year, the business earned ($0.58) earnings per share. The company’s revenue was up 198.5% compared to the same quarter last year. On average, equities analysts expect that Patterson-UTI Energy will post ($1.04) earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be given a dividend of $0.02 per share. 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 dividend payout ratio (DPR) is -4.06%.

Several hedge funds and other institutional investors have recently bought and sold shares of PTEN. PNC Financial Services Group Inc. raised 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 raised 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 raised 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. bought a new position in Patterson-UTI Energy during the first quarter valued at $263,000. Finally, Timber Hill LLC bought a new position in Patterson-UTI Energy during the first quarter valued at $269,000. 85.05% of the stock is currently owned by hedge funds and other institutional investors.

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.

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

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