Patterson-UTI Energy, Inc. (PTEN) Given Consensus Rating of “Buy” by Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has earned an average rating of “Buy” from the twenty-nine analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $26.13.

A number of research analysts have commented on PTEN shares. Cowen set a $24.00 price target on shares of Patterson-UTI Energy and gave the company a “hold” rating in a research report on Wednesday, October 18th. Credit Suisse Group increased their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. Zacks Investment Research lowered Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Piper Jaffray Companies set a $24.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Tuesday, October 31st. Finally, TheStreet raised Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research note on Monday, December 4th.

Patterson-UTI Energy (NASDAQ:PTEN) traded down $1.58 during midday trading on Friday, reaching $17.13. 6,815,233 shares of the company’s stock traded hands, compared to its average volume of 3,935,125. The stock has a market capitalization of $4,855.96, a P/E ratio of -11.15 and a beta of 1.02. Patterson-UTI Energy has a 1-year low of $14.83 and a 1-year high of $29.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). The business had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. Patterson-UTI Energy’s revenue for the quarter was up 218.9% compared to the same quarter last year. During the same period last year, the company earned ($0.53) earnings per share. equities research analysts expect that Patterson-UTI Energy will post -0.82 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.47%. Patterson-UTI Energy’s payout ratio is -5.16%.

In related news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in PTEN. Arizona State Retirement System lifted its position in Patterson-UTI Energy by 32.4% during the fourth quarter. Arizona State Retirement System now owns 160,151 shares of the oil and gas company’s stock valued at $3,685,000 after buying an additional 39,201 shares during the period. The Manufacturers Life Insurance Company lifted its position in Patterson-UTI Energy by 13.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 607,799 shares of the oil and gas company’s stock valued at $13,985,000 after buying an additional 71,660 shares during the period. Wells Fargo & Company MN lifted its position in Patterson-UTI Energy by 13.4% during the fourth quarter. Wells Fargo & Company MN now owns 9,088,648 shares of the oil and gas company’s stock valued at $209,129,000 after buying an additional 1,075,640 shares during the period. First Trust Advisors LP lifted its position in Patterson-UTI Energy by 2.0% during the fourth quarter. First Trust Advisors LP now owns 267,291 shares of the oil and gas company’s stock valued at $6,150,000 after buying an additional 5,232 shares during the period. Finally, Keybank National Association OH lifted its position in Patterson-UTI Energy by 102.1% during the fourth quarter. Keybank National Association OH now owns 36,389 shares of the oil and gas company’s stock valued at $837,000 after buying an additional 18,388 shares during the period. 98.46% of the stock is owned by institutional investors.

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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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