BMO Capital Markets restated their hold rating on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a research note published on Thursday, July 13th. They currently have a $23.00 price target on the oil and gas company’s stock.
Several other research firms have also recently weighed in on PTEN. Zacks Investment Research raised Patterson-UTI Energy from a hold rating to a buy rating and set a $28.00 price objective for the company in a research report on Thursday, March 16th. Jefferies Group LLC set a $35.00 price target on Patterson-UTI Energy and gave the company a buy rating in a report on Monday, March 20th. Tudor Pickering began coverage on Patterson-UTI Energy in a report on Thursday, March 23rd. They issued a hold rating for the company. Scotiabank reaffirmed a hold rating and issued a $30.00 price target on shares of Patterson-UTI Energy in a report on Wednesday, March 22nd. Finally, Instinet raised Patterson-UTI Energy from a neutral rating to a buy rating and upped their price target for the company from $26.00 to $31.00 in a report on Wednesday, April 5th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $27.54.
Patterson-UTI Energy (NASDAQ PTEN) traded down 2.89% during midday trading on Thursday, reaching $19.18. The company’s stock had a trading volume of 6,410,811 shares. Patterson-UTI Energy has a 52 week low of $17.61 and a 52 week high of $29.76. The firm’s market capitalization is $3.16 billion. The stock has a 50 day moving average of $20.22 and a 200 day moving average of $23.82.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.02. Patterson-UTI Energy had a negative return on equity of 13.10% and a negative net margin of 32.74%. The business had revenue of $305.20 million during the quarter, compared to analysts’ expectations of $294.82 million. During the same quarter in the previous year, the firm earned ($0.48) EPS. The firm’s revenue was up 13.5% compared to the same quarter last year. On average, equities research analysts predict that Patterson-UTI Energy will post ($1.05) earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its position in shares of Patterson-UTI Energy by 179.4% in the fourth quarter. FMR LLC now owns 377,812 shares of the oil and gas company’s stock worth $10,171,000 after buying an additional 242,581 shares during the last quarter. Credit Agricole S A purchased a new position in shares of Patterson-UTI Energy during the fourth quarter worth approximately $349,000. Renaissance Technologies LLC raised its position in shares of Patterson-UTI Energy by 158.6% in the fourth quarter. Renaissance Technologies LLC now owns 34,238 shares of the oil and gas company’s stock worth $922,000 after buying an additional 21,000 shares during the last quarter. Tudor Investment Corp Et Al purchased a new position in shares of Patterson-UTI Energy during the fourth quarter worth approximately $242,000. Finally, Numeric Investors LLC purchased a new position in shares of Patterson-UTI Energy during the fourth quarter worth approximately $428,000. Hedge funds and other institutional investors own 85.04% of the company’s stock.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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