Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned an average recommendation of "Hold" from the nine ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $7.54.
PTEN has been the subject of a number of research reports. Evercore ISI upgraded shares of Patterson-UTI Energy from an "in-line" rating to an "outperform" rating and raised their price objective for the company from $8.00 to $12.00 in a report on Wednesday, June 23rd. Barclays upgraded shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $7.00 to $9.00 in a report on Monday, May 3rd. Finally, Morgan Stanley raised their price objective on shares of Patterson-UTI Energy from $7.50 to $10.00 and gave the company an "equal weight" rating in a report on Friday, July 9th.
PTEN stock opened at $8.32 on Thursday. The company has a market capitalization of $1.57 billion, a PE ratio of -3.26 and a beta of 3.22. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.79 and a quick ratio of 1.66. Patterson-UTI Energy has a 12 month low of $2.38 and a 12 month high of $11.27. The business has a 50-day moving average of $9.40.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 29th. The oil and gas company reported ($0.57) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.01). The business had revenue of $241.00 million during the quarter, compared to the consensus estimate of $240.99 million. Patterson-UTI Energy had a negative net margin of 51.71% and a negative return on equity of 20.76%. The firm's quarterly revenue was down 46.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.45) EPS. Sell-side analysts forecast that Patterson-UTI Energy will post -2 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 17th. Shareholders of record on Thursday, June 3rd were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date was Wednesday, June 2nd. Patterson-UTI Energy's dividend payout ratio is presently -3.69%.
A number of large investors have recently added to or reduced their stakes in PTEN. Deprince Race & Zollo Inc. acquired a new stake in Patterson-UTI Energy during the 1st quarter valued at approximately $27,845,000. BlackRock Inc. increased its position in Patterson-UTI Energy by 13.0% during the 1st quarter. BlackRock Inc. now owns 32,944,566 shares of the oil and gas company's stock valued at $234,894,000 after purchasing an additional 3,801,254 shares during the period. Norges Bank acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $12,842,000. JPMorgan Chase & Co. grew its position in shares of Patterson-UTI Energy by 214.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,050,270 shares of the oil and gas company's stock worth $10,784,000 after buying an additional 1,398,864 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of Patterson-UTI Energy by 5,905.4% during the 1st quarter. Russell Investments Group Ltd. now owns 1,399,255 shares of the oil and gas company's stock worth $9,975,000 after buying an additional 1,375,955 shares during the period. 91.37% of the stock is 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 Services 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, and West Virginia.
Featured Article: CD Ladder
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Before you consider Patterson-UTI Energy, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Patterson-UTI Energy wasn't on the list.
While Patterson-UTI Energy currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here