Patterson-UTI Energy, Inc. (PTEN) Coverage Initiated by Analysts at Societe Generale
Societe Generale began coverage on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a research note issued to investors on Thursday. The brokerage issued a buy rating and a $22.00 price objective on the oil and gas company’s stock.
PTEN has been the topic of several other research reports. Capital One Financial Corporation upgraded shares of Patterson-UTI Energy from an equal weight rating to an overweight rating in a report on Monday, May 8th. Zacks Investment Research cut shares of Patterson-UTI Energy from a hold rating to a sell rating in a report on Thursday, July 27th. Royal Bank Of Canada restated a buy rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 20th. Jefferies Group LLC set a $26.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a report on Saturday, July 29th. Finally, Seaport Global Securities restated a neutral rating on shares of Patterson-UTI Energy in a report on Thursday, July 20th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seventeen have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $27.25.
Shares of Patterson-UTI Energy (NASDAQ PTEN) remained flat at $15.97 during mid-day trading on Thursday. 1,625,041 shares of the stock were exchanged. The stock’s market cap is $3.38 billion. The firm’s 50-day moving average price is $17.91 and its 200-day moving average price is $21.78. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The company had revenue of $579 million during the quarter, compared to the consensus estimate of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The firm’s quarterly revenue was up 198.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.58) earnings per share. On average, analysts expect that Patterson-UTI Energy will post ($0.90) EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -4.06%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PTEN. Vanguard Group Inc. boosted its position in Patterson-UTI Energy by 22.8% in the second quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after buying an additional 3,115,388 shares during the period. BlackRock Inc. boosted its position in Patterson-UTI Energy by 11.5% in the second quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock worth $325,506,000 after buying an additional 1,660,164 shares during the period. Van ECK Associates Corp boosted its position in Patterson-UTI Energy by 6.2% in the second quarter. Van ECK Associates Corp now owns 9,547,599 shares of the oil and gas company’s stock worth $192,766,000 after buying an additional 559,430 shares during the period. JPMorgan Chase & Co. boosted its position in Patterson-UTI Energy by 39.4% in the second quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock worth $158,823,000 after buying an additional 2,224,128 shares during the period. Finally, State Street Corp boosted its position in Patterson-UTI Energy by 9.3% in the second quarter. State Street Corp now owns 4,984,030 shares of the oil and gas company’s stock worth $100,628,000 after buying an additional 423,443 shares during the period. Institutional investors own 98.57% of the company’s stock.
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.
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