Patterson-UTI Energy, Inc. (NASDAQ:PTEN) gapped up prior to trading on Friday . The stock had previously closed at $11.50, but opened at $11.03. Patterson-UTI Energy shares last traded at $11.18, with a volume of 5406064 shares traded.
Several equities research analysts have recently weighed in on PTEN shares. Bank of America set a $20.00 target price on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a report on Tuesday, March 5th. Raymond James set a $21.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, April 26th. Zacks Investment Research raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Monday, March 4th. ValuEngine lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Finally, TheStreet lowered shares of Patterson-UTI Energy from a “c-” rating to a “d” rating in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $19.71.
The company has a current ratio of 1.82, a quick ratio of 1.69 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $2.15 billion, a P/E ratio of -32.62 and a beta of 1.43.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 25th. The oil and gas company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.07. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The firm had revenue of $704.17 million for the quarter, compared to analyst estimates of $694.10 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. The company’s revenue was down 13.0% on a year-over-year basis. As a group, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.68 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th will be given a dividend of $0.04 per share. The ex-dividend date is Wednesday, June 5th. This represents a $0.16 dividend on an annualized basis and a yield of 1.44%. Patterson-UTI Energy’s payout ratio is presently -47.06%.
Institutional investors have recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL lifted its position in Patterson-UTI Energy by 39.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 69,890 shares of the oil and gas company’s stock valued at $980,000 after purchasing an additional 19,790 shares during the period. Connable Office Inc. acquired a new position in Patterson-UTI Energy during the 1st quarter valued at about $159,000. Magnus Financial Group LLC acquired a new position in Patterson-UTI Energy during the 4th quarter valued at about $189,000. Geode Capital Management LLC lifted its position in Patterson-UTI Energy by 4.1% during the 4th quarter. Geode Capital Management LLC now owns 2,268,509 shares of the oil and gas company’s stock valued at $23,479,000 after purchasing an additional 88,404 shares during the period. Finally, Carillon Tower Advisers Inc. lifted its position in Patterson-UTI Energy by 133.5% during the 1st quarter. Carillon Tower Advisers Inc. now owns 1,417,750 shares of the oil and gas company’s stock valued at $19,877,000 after purchasing an additional 810,625 shares during the period. Institutional investors own 98.28% of the company’s stock.
About Patterson-UTI Energy (NASDAQ:PTEN)
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 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, West Virginia, and western Canada.
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