Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) received a consensus “Buy” recommendation from the ten research firms that currently cover the business, Marketbeat reports. Two equity research analysts rated the stock with a sell rating, one gave the company a hold rating and seven gave the company a buy rating. The 12-month average price target among brokers who have reported on the stock in the past year is $14.50.
A number of brokerages have published reports on PTEN. StockNews.com began covering Patterson-UTI Energy in a research note on Thursday, March 31. They issued a “sell” rating for the company. Piper Sandler raised its price target on Patterson-UTI Energy from $14.50 to $20.00 and gave the company an “overweight” rating in a Wednesday, April 13 research report. Citigroup raised its price target on Patterson-UTI Energy from $11.00 to $15.00 and gave the company a “buy” rating in a Tuesday, February 15 research report. JPMorgan Chase & Co. raised its price target on Patterson-UTI Energy shares from $9.00 to $11.00 and gave the company an “underweight” rating in a Tuesday, Feb. 15 report. Finally, Morgan Stanley raised its price target on Patterson-UTI Energy shares from $13.50 to $18.00 and gave the company an “overweight” rating in a Monday, April 11 report.
In other Patterson-UTI Energy news, Chief Financial Officer Charles Andrew Smith sold 17,213 shares of Patterson-UTI Energy in a trade on Thursday, April 14. The shares were sold at an average price of $17.67, for a total value of $304,153.71. Following the transaction, the CFO now directly owns 249,803 shares of the company, valued at $4,414,019.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, insider James Michael Holcomb sold 66,730 shares of Patterson-UTI Energy in a trade on Tuesday, March 1. The stock was sold at an average price of $14.09, for a total transaction of $940,225.70. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 526,380 shares of the company worth $8,184,957. Company insiders own 3.00% of the company’s shares.
Hedge funds and other institutional investors have recently increased or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Patterson-UTI Energy in the third quarter at a value of $1,933,000. Fisher Asset Management LLC increased its stake in Patterson-UTI Energy shares by 5,377.5% during the fourth quarter. Fisher Asset Management LLC now owns 942,901 shares of the oil and gas company worth $7,968,000 after purchasing an additional 925,687 shares during the period. Allspring Global Investments Holdings LLC acquired a new equity stake in Patterson-UTI Energy during the fourth quarter valued at $55,647,000. Ensign Peak Advisors Inc increased its stake in shares of Patterson-UTI Energy by 268.0% during the third quarter. Ensign Peak Advisors Inc now owns 135,800 shares of the oil and gas company worth $1,222,000 after purchasing an additional 98,900 shares during the period. Finally, Millennium Management LLC increased its stake in Patterson-UTI Energy shares by 812.3% during the third quarter. Millennium Management LLC now owns 1,965,901 shares of the oil and gas company worth $17,693,000 after purchasing an additional 1,750,410 shares during the period. 89.32% of the shares are currently held by institutional investors and hedge funds.
PTEN stock was down $0.03 during Friday’s trading, hitting $17.64. The company’s stock had a trading volume of 43,672 shares, compared to its average trading volume of 3,956,855. Patterson-UTI Energy has a 1-year low of $6.08 and a 1-year high of 18. $77. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt ratio of 0.53. The company has a market capitalization of $3.80 billion, a P/E ratio of -5.51 and a beta of 2.61. The company’s fifty-day moving average is $15.23 and its 200-day moving average is $11.20.
Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last released its quarterly results on Thursday, February 10. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing Zacks’ consensus estimate of ($0.35) by ($0.03). Patterson-UTI Energy posted a negative return on equity of 21.30% and a negative net margin of 48.23%. The company posted revenue of $466.50 million in the quarter, compared to $436.38 million expected by analysts. In the same quarter of the previous year, the company posted EPS of ($0.57). The company’s quarterly revenue increased 111.3% year over year. Analysts expect Patterson-UTI Energy to post -0.26 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 17. Shareholders of record on Thursday, March 3 received a dividend of $0.04 per share. The ex-dividend date was Wednesday, March 2. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.02. This represents a dividend of $0.16 on an annualized basis and a dividend yield of 0.91%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -4.94%.
Patterson-UTI Energy Company Profile (Get a rating)
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and gas operators in the United States and around the world. 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, Appalachia, Rocky Mountains, Oklahoma, South Texas, East Texas and Columbia.
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