Patterson-UTI Energy (PTEN) PT Raised to $22.00 at Raymond James

Patterson-UTI Energy (NASDAQ:PTEN) had its target price increased by Raymond James from $21.00 to $22.00 in a research note published on Friday morning. The firm currently has a strong-buy rating on the oil and gas company’s stock.

Several other brokerages have also recently weighed in on PTEN. ValuEngine upgraded shares of Patterson-UTI Energy from a sell rating to a hold rating in a research note on Tuesday, October 9th. Piper Jaffray Companies set a $22.00 price objective on shares of Patterson-UTI Energy and gave the stock a buy rating in a research note on Friday, October 5th. Guggenheim cut shares of Patterson-UTI Energy from a buy rating to a neutral rating in a research note on Friday, July 6th. BidaskClub upgraded shares of Patterson-UTI Energy from a strong sell rating to a sell rating in a research note on Wednesday, August 22nd. Finally, Sanford C. Bernstein started coverage on shares of Patterson-UTI Energy in a report on Thursday, October 4th. They issued an outperform rating and a $21.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Patterson-UTI Energy currently has an average rating of Buy and a consensus price target of $23.78.

Shares of NASDAQ:PTEN opened at $15.67 on Friday. Patterson-UTI Energy has a twelve month low of $13.89 and a twelve month high of $25.03. The company has a current ratio of 1.68, a quick ratio of 1.54 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $3.56 billion, a PE ratio of -19.59 and a beta of 1.14.



Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.02. Patterson-UTI Energy had a net margin of 2.27% and a negative return on equity of 2.26%. The firm had revenue of $867.48 million for the quarter, compared to analysts’ expectations of $839.65 million. As a group, analysts expect that Patterson-UTI Energy will post -0.46 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.02%. The ex-dividend date is Wednesday, December 5th. Patterson-UTI Energy’s dividend payout ratio is -20.00%.

A number of institutional investors have recently added to or reduced their stakes in PTEN. BlueMountain Capital Management LLC purchased a new stake in Patterson-UTI Energy during the 2nd quarter valued at approximately $48,281,000. Massachusetts Financial Services Co. MA grew its holdings in Patterson-UTI Energy by 51.8% during the 3rd 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 buying an additional 1,350,950 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in Patterson-UTI Energy during the 2nd quarter valued at approximately $11,272,000. Fuller & Thaler Asset Management Inc. grew its holdings in Patterson-UTI Energy by 13.2% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 5,032,655 shares of the oil and gas company’s stock valued at $90,588,000 after buying an additional 587,878 shares in the last quarter. Finally, Mackay Shields LLC purchased a new stake in Patterson-UTI Energy during the 2nd quarter valued at approximately $8,888,000. 95.96% of the stock is owned by institutional investors.

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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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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