Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned an average recommendation of “Buy” from the twenty-seven analysts that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $23.81.
PTEN has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Friday, August 17th. Wolfe Research initiated coverage on shares of Patterson-UTI Energy in a research note on Wednesday, October 10th. They set a “peer perform” rating on the stock. ValuEngine downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. BidaskClub raised shares of Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 13th. Finally, Bank of America initiated coverage on shares of Patterson-UTI Energy in a research note on Wednesday, October 17th. They set a “buy” rating on the stock.
Several institutional investors and hedge funds have recently made changes to their positions in PTEN. Alliancebernstein L.P. raised its stake in shares of Patterson-UTI Energy by 237.0% in the third quarter. Alliancebernstein L.P. now owns 4,301,105 shares of the oil and gas company’s stock valued at $73,592,000 after acquiring an additional 3,024,974 shares during the period. BlueMountain Capital Management LLC purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at $48,281,000. Fuller & Thaler Asset Management Inc. raised its stake in shares of Patterson-UTI Energy by 39.1% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 7,002,153 shares of the oil and gas company’s stock valued at $119,807,000 after acquiring an additional 1,969,498 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Patterson-UTI Energy by 51.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,956,667 shares of the oil and gas company’s stock valued at $67,699,000 after acquiring an additional 1,350,950 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Patterson-UTI Energy by 9.5% in the third quarter. Dimensional Fund Advisors LP now owns 8,392,968 shares of the oil and gas company’s stock valued at $143,603,000 after acquiring an additional 727,006 shares during the period. 98.26% of the stock is currently owned by institutional investors and hedge funds.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.02. The firm had revenue of $867.48 million during the quarter, compared to analyst estimates of $839.65 million. Patterson-UTI Energy had a net margin of 2.27% and a negative return on equity of 2.29%. Research analysts anticipate that Patterson-UTI Energy will post -0.44 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Wednesday, December 5th. Patterson-UTI Energy’s dividend payout ratio is currently -20.00%.
Patterson-UTI Energy Company Profile
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 two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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