Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $16.76 and last traded at $16.78, with a volume of 1,249,011 shares trading hands. The stock had previously closed at $16.83.
PTEN has been the topic of a number of recent research reports. Jefferies Group LLC set a $35.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Monday, April 24th. Zacks Investment Research raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Thursday, April 27th. Morgan Stanley reissued an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, April 28th. Deutsche Bank AG decreased their target price on shares of Patterson-UTI Energy from $31.00 to $28.00 and set a “hold” rating for the company in a research report on Friday, April 28th. Finally, Capital One Financial Corporation raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating in a research report on Monday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have assigned a buy rating to the company. Patterson-UTI Energy currently has a consensus rating of “Hold” and an average price target of $27.38.
The company’s 50 day moving average is $19.58 and its 200-day moving average is $22.99. The stock’s market cap is $3.54 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. The business had revenue of $579 million during the quarter, compared to analyst estimates of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. Patterson-UTI Energy’s revenue was up 198.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.58) earnings per share. Equities research analysts expect that Patterson-UTI Energy, Inc. will post ($0.91) EPS for the current year.
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 $0.02 dividend. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.48%. Patterson-UTI Energy’s payout ratio is -4.06%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Nikko Asset Management Americas Inc. raised its position in shares of Patterson-UTI Energy by 0.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 13,500 shares of the oil and gas company’s stock worth $328,000 after buying an additional 100 shares during the last quarter. World Asset Management Inc boosted its stake in shares of 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 worth $249,000 after buying an additional 295 shares during the period. Capstone Asset Management Co. boosted its stake in shares of Patterson-UTI Energy by 3.4% in the second quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock worth $282,000 after buying an additional 460 shares during the period. Arizona State Retirement System boosted its stake in shares of Patterson-UTI Energy by 0.7% in the second quarter. Arizona State Retirement System now owns 69,700 shares of the oil and gas company’s stock worth $1,407,000 after buying an additional 500 shares during the period. Finally, State Treasurer State of Michigan boosted its stake in shares of Patterson-UTI Energy by 0.9% in the second quarter. State Treasurer State of Michigan now owns 68,200 shares of the oil and gas company’s stock worth $1,377,000 after buying an additional 600 shares during the period. Institutional investors and hedge funds own 86.12% 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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