Cowen upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a market perform rating to an outperform rating in a research note released on Friday morning, MarketBeat reports. Cowen currently has $26.00 price objective on the oil and gas company’s stock, up from their previous price objective of $23.00.
PTEN has been the topic of a number of other research reports. Jefferies Group set a $25.00 target price on shares of Patterson-UTI Energy and gave the company a buy rating in a research note on Friday, February 9th. BMO Capital Markets raised shares of Patterson-UTI Energy from a market perform rating to a buy rating in a research note on Wednesday, February 14th. Citigroup set a $24.00 target price on shares of Patterson-UTI Energy and gave the company a buy rating in a research note on Friday, February 9th. Scotia Howard Weill raised shares of Patterson-UTI Energy from a sector perform rating to a sector outperform rating in a research report on Friday, January 12th. Finally, Wolfe Research raised shares of Patterson-UTI Energy from a market perform rating to an outperform rating in a research report on Thursday, April 12th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $25.88.
Shares of PTEN opened at $20.01 on Friday. The stock has a market cap of $4,447.95, a PE ratio of -25.01 and a beta of 1.21. 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 has a 1-year low of $14.83 and a 1-year high of $25.03.
The company 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. The ex-dividend date of this dividend was Wednesday, March 7th. This represents a $0.08 annualized dividend and a yield of 0.40%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -10.00%.
In other Patterson-UTI Energy news, Director Terry H. Hunt sold 10,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total value of $194,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.60% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its holdings in Patterson-UTI Energy by 621.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock worth $194,000 after buying an additional 7,274 shares during the last quarter. Ballentine Partners LLC purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $216,000. WealthTrust Axiom LLC purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $217,000. Schroder Investment Management Group purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $219,000. Finally, Falcon Point Capital LLC purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $222,000. 99.63% of the stock is owned by institutional investors and hedge funds.
TRADEMARK VIOLATION WARNING: This article was originally published by Chaffey Breeze and is the property of of Chaffey Breeze. If you are viewing this article on another publication, it was illegally copied and reposted in violation of United States and international copyright & trademark laws. The original version of this article can be read at https://www.chaffeybreeze.com/2018/04/17/patterson-uti-energy-pten-upgraded-by-cowen-to-outperform.html.
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.
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.