Jefferies Group set a $30.00 price target on Patterson-UTI Energy (NASDAQ:PTEN) in a research note published on Thursday. 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.
PTEN has been the topic of a number of other reports. Cowen set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a hold rating in a research report on Wednesday, October 18th. SunTrust Banks boosted their target price on shares of Patterson-UTI Energy to $31.00 and gave the stock a buy rating in a research report on Wednesday, December 6th. Citigroup set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a research report on Thursday, October 5th. Piper Jaffray Companies set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a research report on Tuesday, October 31st. Finally, Zacks Investment Research cut shares of Patterson-UTI Energy from a buy rating to a hold rating in a research report on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $26.79.
Patterson-UTI Energy (NASDAQ:PTEN) traded up $0.15 on Thursday, reaching $23.62. 3,175,000 shares of the company’s stock traded hands, compared to its average volume of 2,715,067. The company has a current ratio of 1.23, a quick ratio of 1.16 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 stock has a market capitalization of $5,250.00, a P/E ratio of -15.24 and a beta of 1.08.
The business also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Investors of record on Thursday, December 7th were issued a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.34%. Patterson-UTI Energy’s dividend payout ratio is presently -5.16%.
In related news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.60% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of PTEN. BlueMountain Capital Management LLC raised its holdings in Patterson-UTI Energy by 8,571.3% in the second quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock valued at $75,952,000 after acquiring an additional 3,718,478 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Patterson-UTI Energy during the third quarter worth $67,664,000. Vanguard Group Inc. raised its holdings in shares of 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 purchasing an additional 3,115,388 shares during the period. Axar Capital Management L.P. acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth $59,956,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Patterson-UTI Energy by 39.4% during the second quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock worth $158,823,000 after purchasing an additional 2,224,128 shares during the period. 97.71% of the stock is currently 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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