Jefferies Group set a $30.00 price objective on Patterson-UTI Energy (NASDAQ:PTEN) in a research note published on Thursday, January 4th. The firm currently has a buy rating on the oil and gas company’s stock. Jefferies Group also issued estimates for Patterson-UTI Energy’s Q4 2018 earnings at $0.13 EPS.
Several other equities analysts have also issued reports on the stock. Cowen reiterated a market perform rating and set a $20.00 target price (down from $24.00) on shares of Patterson-UTI Energy in a report on Friday, October 27th. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a hold rating to a buy rating and set a $23.00 target price for the company in a report on Wednesday, October 11th. Credit Suisse Group lifted their target price on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the company a neutral rating in a report on Friday, October 27th. SunTrust Banks lifted their target price on shares of Patterson-UTI Energy to $31.00 and gave the company a buy rating in a report on Wednesday, December 6th. Finally, Piper Jaffray Companies set a $24.00 price target on shares of Patterson-UTI Energy and gave the company a buy rating in a research report on Tuesday, October 31st. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Patterson-UTI Energy currently has an average rating of Buy and an average target price of $27.40.
Shares of Patterson-UTI Energy (PTEN) remained flat at $$24.70 on Thursday. The stock had a trading volume of 3,706,400 shares, compared to its average volume of 3,427,367. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17. Patterson-UTI Energy has a 12 month low of $14.83 and a 12 month high of $29.76. The firm has a market capitalization of $5,494.38, a PE ratio of -15.94 and a beta of 1.09.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date of this dividend was Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is -5.16%.
In other news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.60% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Riverhead Capital Management LLC lifted its stake in shares of Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Patterson-UTI Energy by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after buying an additional 1,089 shares in the last quarter. Madden Advisory Services Inc. purchased a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at $236,000. Gluskin Sheff & Assoc Inc. lifted its stake in shares of Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after buying an additional 780 shares in the last quarter. Finally, Pacad Investment Ltd. purchased a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at $246,000. 97.71% of the stock is owned by hedge funds and other institutional investors.
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Patterson-UTI Energy Company Profile
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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