Other research analysts also recently issued research reports about the stock. Bank of America initiated coverage on shares of Patterson-UTI Energy in a report on Wednesday, October 17th. They set a buy rating on the stock. Societe Generale upgraded shares of Patterson-UTI Energy from a hold rating to a buy rating in a report on Wednesday, December 19th. Wolfe Research upgraded shares of Patterson-UTI Energy from a market perform rating to a buy rating in a research note on Monday, December 10th. UBS Group set a $23.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a research note on Friday, October 26th. Finally, Piper Jaffray Companies set a $23.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a research note on Friday, October 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $21.07.
PTEN opened at $12.68 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.54 and a current ratio of 1.66. Patterson-UTI Energy has a 1-year low of $9.49 and a 1-year high of $23.99. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of -37.29 and a beta of 1.35.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, February 7th. The oil and gas company reported ($0.04) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.10. Patterson-UTI Energy had a negative net margin of 9.66% and a negative return on equity of 1.93%. The firm had revenue of $795.90 million for the quarter, compared to the consensus estimate of $797.10 million. During the same quarter in the prior year, the company posted ($0.10) earnings per share. The business’s revenue was up 1.1% on a year-over-year basis. On average, equities research analysts anticipate that Patterson-UTI Energy will post -0.59 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 21st. Investors of record on Thursday, March 7th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, March 6th. This represents a $0.16 annualized dividend and a yield of 1.26%. Patterson-UTI Energy’s payout ratio is currently -47.06%.
Patterson-UTI Energy declared that its board has authorized a stock buyback plan on Thursday, February 7th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director Curtis W. Huff purchased 20,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, December 26th. The stock was bought at an average price of $10.14 per share, for a total transaction of $202,800.00. Following the completion of the transaction, the director now owns 113,304 shares in the company, valued at $1,148,902.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.70% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC lifted its holdings in Patterson-UTI Energy by 12.0% during the third quarter. Hsbc Holdings PLC now owns 42,486 shares of the oil and gas company’s stock valued at $727,000 after purchasing an additional 4,566 shares during the last quarter. Oakbrook Investments LLC lifted its holdings in Patterson-UTI Energy by 34.4% during the third quarter. Oakbrook Investments LLC now owns 27,750 shares of the oil and gas company’s stock valued at $475,000 after purchasing an additional 7,100 shares during the last quarter. Virtu Financial LLC lifted its holdings in Patterson-UTI Energy by 201.3% during the fourth quarter. Virtu Financial LLC now owns 51,790 shares of the oil and gas company’s stock valued at $536,000 after purchasing an additional 34,599 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Patterson-UTI Energy by 1.5% during the third quarter. Vanguard Group Inc. now owns 19,141,504 shares of the oil and gas company’s stock valued at $327,511,000 after purchasing an additional 285,700 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Patterson-UTI Energy by 4.8% during the third quarter. Wells Fargo & Company MN now owns 10,123,768 shares of the oil and gas company’s stock valued at $173,218,000 after purchasing an additional 465,369 shares during the last quarter. Institutional investors own 95.91% of the company’s stock.
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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