Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned a consensus recommendation of “Buy” from the twenty-two research firms that are currently covering the firm, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $19.93.
A number of equities analysts have recently weighed in on PTEN shares. Credit Suisse Group cut Patterson-UTI Energy from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $19.00 to $12.00 in a report on Wednesday, December 19th. Societe Generale raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Wednesday, December 19th. UBS Group set a $18.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, December 20th. ValuEngine cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. Finally, BidaskClub raised Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a report on Saturday, January 5th.
A number of institutional investors have recently added to or reduced their stakes in PTEN. Millennium Management LLC grew its position in Patterson-UTI Energy by 526.1% during the fourth quarter. Millennium Management LLC now owns 3,423,038 shares of the oil and gas company’s stock valued at $35,428,000 after acquiring an additional 2,876,290 shares during the period. Macquarie Group Ltd. grew its position in Patterson-UTI Energy by 37.1% during the fourth quarter. Macquarie Group Ltd. now owns 6,383,533 shares of the oil and gas company’s stock valued at $66,069,000 after acquiring an additional 1,726,924 shares during the period. Scout Investments Inc. grew its position in Patterson-UTI Energy by 136.6% during the first quarter. Scout Investments Inc. now owns 2,094,601 shares of the oil and gas company’s stock valued at $29,366,000 after acquiring an additional 1,209,229 shares during the period. Dimensional Fund Advisors LP grew its position in Patterson-UTI Energy by 14.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock valued at $99,202,000 after acquiring an additional 1,191,714 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Patterson-UTI Energy by 29.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,105,970 shares of the oil and gas company’s stock valued at $52,847,000 after acquiring an additional 1,149,303 shares during the period. Hedge funds and other institutional investors own 97.44% of the company’s stock.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, February 7th. The oil and gas company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.10. Patterson-UTI Energy had a negative return on equity of 1.98% and a negative net margin of 9.66%. The company had revenue of $795.90 million during the quarter, compared to analysts’ expectations of $797.10 million. During the same period in the previous year, the firm posted ($0.10) earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, analysts predict that Patterson-UTI Energy will post -0.72 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Thursday, March 7th were paid a $0.04 dividend. The ex-dividend date was Wednesday, March 6th. This represents a $0.16 annualized dividend and a yield of 1.06%. Patterson-UTI Energy’s payout ratio is currently -47.06%.
Patterson-UTI Energy declared that its board has approved a stock buyback plan on Thursday, February 7th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the oil and gas company to purchase up to 9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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