Bank of America reiterated their buy rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report released on Tuesday, June 25th, FirstToMarketsRatingsTable reports. Bank of America currently has a $14.00 price target on the oil and gas company’s stock, down from their previous price target of $20.00.
Several other equities research analysts have also commented on PTEN. BidaskClub upgraded Patterson-UTI Energy from a hold rating to a buy rating in a research note on Wednesday, April 10th. ValuEngine raised shares of Patterson-UTI Energy from a sell rating to a hold rating in a report on Monday, April 1st. TheStreet downgraded shares of Patterson-UTI Energy from a c- rating to a d rating in a report on Friday, March 15th. Raymond James set a $21.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a research report on Friday, April 26th. Finally, Citigroup reduced their target price on shares of Patterson-UTI Energy from $20.00 to $19.00 and set a buy rating on the stock in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company. The company has a consensus rating of Buy and an average target price of $18.40.
NASDAQ:PTEN opened at $11.16 on Tuesday. The company’s fifty day simple moving average is $11.48. Patterson-UTI Energy has a 52-week low of $9.49 and a 52-week high of $19.29. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.82 and a quick ratio of 1.69.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative return on equity of 1.89% and a negative net margin of 9.80%. The business had revenue of $704.17 million for the quarter, compared to the consensus estimate of $694.10 million. During the same quarter last year, the business posted ($0.16) earnings per share. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. Equities research analysts anticipate that Patterson-UTI Energy will post -0.75 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend was Wednesday, June 5th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -47.06%.
Several institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC increased its stake in Patterson-UTI Energy by 526.1% during the 4th quarter. Millennium Management LLC now owns 3,423,038 shares of the oil and gas company’s stock worth $35,428,000 after buying an additional 2,876,290 shares during the period. BNP Paribas Arbitrage SA increased its stake in Patterson-UTI Energy by 6,105.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,764,317 shares of the oil and gas company’s stock worth $24,736,000 after buying an additional 1,735,884 shares during the period. Macquarie Group Ltd. increased its stake in Patterson-UTI Energy by 37.1% during the 4th quarter. Macquarie Group Ltd. now owns 6,383,533 shares of the oil and gas company’s stock worth $66,069,000 after buying an additional 1,726,924 shares during the period. Scout Investments Inc. increased its stake in Patterson-UTI Energy by 136.6% during the 1st quarter. Scout Investments Inc. now owns 2,094,601 shares of the oil and gas company’s stock worth $29,366,000 after buying an additional 1,209,229 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Patterson-UTI Energy by 14.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock worth $99,202,000 after buying an additional 1,191,714 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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