Patterson-UTI Energy (PTEN) Raised to “Sector Outperform” at Scotiabank

Scotiabank upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sector perform rating to a sector outperform rating in a research report released on Friday.

A number of other analysts also recently commented on PTEN. Cowen reiterated a hold rating and set a $24.00 target price on shares of Patterson-UTI Energy in a research report on Sunday, September 17th. Credit Suisse Group reduced their price objective on Patterson-UTI Energy from $22.00 to $20.00 and set a neutral rating on the stock in a research report on Friday, September 22nd. SunTrust Banks restated a buy rating and issued a $25.00 price objective (down from $33.00) on shares of Patterson-UTI Energy in a research report on Tuesday, October 3rd. Citigroup set a $24.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a research report on Thursday, October 5th. Finally, Jefferies Group set a $26.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a research report on Thursday, October 5th. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $27.40.

Patterson-UTI Energy (NASDAQ PTEN) remained flat at $$24.70 on Friday. The company’s stock had a trading volume of 3,706,400 shares, compared to its average volume of 3,427,367. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. The company has a market capitalization of $5,490.00, a PE ratio of -15.94 and a beta of 1.08. Patterson-UTI Energy has a 1 year low of $14.83 and a 1 year high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to the consensus estimate of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. Patterson-UTI Energy’s quarterly revenue was up 232.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.58) earnings per share. research analysts predict that Patterson-UTI Energy will post -0.8 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th were paid a dividend of $0.02 per share. The ex-dividend date was Wednesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.32%. Patterson-UTI Energy’s dividend payout ratio is presently -5.16%.

In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.60% of the company’s stock.

A number of large investors have recently made changes to their positions in PTEN. BlueMountain Capital Management LLC increased its stake in Patterson-UTI Energy by 8,571.3% during the second quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock worth $75,952,000 after acquiring an additional 3,718,478 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in Patterson-UTI Energy during the third quarter worth about $67,664,000. Vanguard Group Inc. increased its stake in Patterson-UTI Energy by 22.8% during the second quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after acquiring an additional 3,115,388 shares during the last quarter. Axar Capital Management L.P. acquired a new stake in Patterson-UTI Energy during the second quarter worth about $59,956,000. Finally, Fuller & Thaler Asset Management Inc. increased its stake in Patterson-UTI Energy by 285.0% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 2,722,481 shares of the oil and gas company’s stock worth $57,009,000 after acquiring an additional 2,015,336 shares during the last quarter. Institutional investors own 97.71% of the company’s stock.

TRADEMARK VIOLATION WARNING: This report was posted by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this report on another domain, it was illegally stolen and reposted in violation of United States and international copyright & trademark law. The legal version of this report can be viewed at https://stocknewstimes.com/2018/01/16/patterson-uti-energy-pten-raised-to-sector-outperform-at-scotiabank.html.

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.

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

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply