Patterson-UTI Energy (PTEN) Lowered to “Hold” at Societe Generale

Societe Generale cut shares of Patterson-UTI Energy (NASDAQ:PTEN) from a buy rating to a hold rating in a report released on Thursday morning, MarketBeat.com reports. Societe Generale currently has $22.00 target price on the oil and gas company’s stock.

Other equities research analysts have also issued reports about the company. Deutsche Bank cut their price objective on Patterson-UTI Energy from $26.00 to $25.00 and set a buy rating on the stock in a research report on Friday, February 9th. Jefferies Group set a $25.00 price target on Patterson-UTI Energy and gave the company a buy rating in a research report on Friday, February 9th. Citigroup set a $24.00 price target on Patterson-UTI Energy and gave the company a buy rating in a research report on Friday, February 9th. Royal Bank of Canada set a $34.00 price target on Patterson-UTI Energy and gave the company a buy rating in a research report on Monday, February 5th. Finally, BidaskClub upgraded Patterson-UTI Energy from a hold rating to a buy rating in a research report on Saturday, January 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eighteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $25.88.

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Shares of PTEN stock traded down $0.48 during trading hours on Thursday, reaching $19.82. The company’s stock had a trading volume of 1,110,910 shares, compared to its average volume of 3,780,509. The firm has a market cap of $4,577.64, a P/E ratio of -24.75 and a beta of 1.21. Patterson-UTI Energy has a one year low of $14.83 and a one year high of $25.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.24 and a current ratio of 1.37.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). The business had revenue of $787.33 million during the quarter, compared to the consensus estimate of $764.84 million. Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. Patterson-UTI Energy’s quarterly revenue was up 218.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.53) earnings per share. equities analysts predict that Patterson-UTI Energy will post 0.02 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.40%. The ex-dividend date was Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -10.00%.

In other Patterson-UTI Energy news, Director Terry H. Hunt sold 10,000 shares of the business’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $19.46, for a total value of $194,600.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 4.60% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. William Blair Investment Management LLC boosted its holdings in Patterson-UTI Energy by 12.5% in the fourth quarter. William Blair Investment Management LLC now owns 35,379 shares of the oil and gas company’s stock worth $814,000 after acquiring an additional 3,935 shares in the last quarter. MetLife Investment Advisors LLC bought a new stake in Patterson-UTI Energy in the fourth quarter worth $3,686,000. Castleark Management LLC boosted its holdings in Patterson-UTI Energy by 40.2% in the fourth quarter. Castleark Management LLC now owns 586,795 shares of the oil and gas company’s stock worth $13,502,000 after acquiring an additional 168,165 shares in the last quarter. Jane Street Group LLC boosted its holdings in Patterson-UTI Energy by 266.0% in the fourth quarter. Jane Street Group LLC now owns 89,289 shares of the oil and gas company’s stock worth $2,055,000 after acquiring an additional 64,890 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in Patterson-UTI Energy in the fourth quarter worth $474,000. 99.63% of the stock is currently owned by institutional investors and hedge funds.

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About Patterson-UTI Energy

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.

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

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