Scotiabank upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sector perform rating to a sector outperform rating in a report issued on Friday.

PTEN has been the subject of a number of other research reports. Zacks Investment Research upgraded Patterson-UTI Energy from a hold rating to a buy rating and set a $23.00 target price for the company in a research note on Wednesday, October 11th. Credit Suisse Group lowered their target price on Patterson-UTI Energy from $22.00 to $20.00 and set a neutral rating for the company in a research note on Friday, September 22nd. SunTrust Banks increased their target price on Patterson-UTI Energy to $31.00 and gave the company a buy rating in a research note on Wednesday, December 6th. Deutsche Bank started coverage on Patterson-UTI Energy in a research note on Tuesday, October 10th. They issued a buy rating and a $25.00 target price for the company. Finally, Jefferies Group set a $26.00 target price on Patterson-UTI Energy and gave the company a buy rating in a research note on Thursday, October 5th. Seven investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $27.40.

Patterson-UTI Energy (PTEN) remained flat at $$24.70 during mid-day trading on Friday. 3,706,400 shares of the stock traded hands, compared to its average volume of 3,427,367. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17. Patterson-UTI Energy has a one year low of $14.83 and a one year high of $29.76. The firm has a market cap of $5,490.00, a price-to-earnings ratio of -15.94 and a beta of 1.08.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $684.99 million during the quarter, compared to analyst estimates of $688.05 million. During the same quarter last year, the firm earned ($0.58) earnings per share. The company’s revenue for the quarter was up 232.3% compared to the same quarter last year. research analysts anticipate that Patterson-UTI Energy will post -0.8 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date was Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is presently -5.16%.

In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 4.60% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Riverhead Capital Management LLC lifted its holdings in Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after buying an additional 4,653 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 11.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after acquiring an additional 1,089 shares in the last quarter. Madden Advisory Services Inc. acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $236,000. Gluskin Sheff & Assoc Inc. boosted its holdings in shares of Patterson-UTI Energy by 7.1% in the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after acquiring an additional 780 shares in the last quarter. Finally, Timber Hill LLC acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter worth approximately $256,000. 97.71% of the stock is currently owned by institutional investors.

TRADEMARK VIOLATION NOTICE: “Patterson-UTI Energy (PTEN) Raised to “Sector Outperform” at Scotiabank” was originally reported by Watch List News and is owned by of Watch List News. If you are accessing this article on another publication, it was illegally copied and reposted in violation of U.S. and international trademark & copyright laws. The legal version of this article can be accessed at https://www.watchlistnews.com/patterson-uti-energy-pten-raised-to-sector-outperform-at-scotiabank/1809261.html.

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.

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

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.