Patterson-UTI Energy’s (PTEN) “Buy” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their buy rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note issued to investors on Friday, July 27th. The brokerage currently has a $28.00 price objective on the oil and gas company’s stock.

Other analysts have also issued research reports about the company. Citigroup increased their price objective on Patterson-UTI Energy from $24.00 to $25.00 and gave the company a buy rating in a research note on Monday, April 30th. BidaskClub raised Patterson-UTI Energy from a hold rating to a buy rating in a research note on Saturday, April 28th. BMO Capital Markets set a $23.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a research note on Wednesday, July 11th. Seaport Global Securities raised Patterson-UTI Energy from a neutral rating to a buy rating and dropped their price objective for the company from $26.00 to $20.00 in a research note on Friday, July 27th. Finally, ValuEngine raised Patterson-UTI Energy from a sell rating to a hold rating in a research note on Wednesday, May 2nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the stock. The company has an average rating of Buy and an average target price of $24.31.

PTEN traded up $0.24 during midday trading on Friday, hitting $16.92. The stock had a trading volume of 2,024,844 shares, compared to its average volume of 3,819,623. The firm has a market cap of $3.67 billion, a P/E ratio of -21.15 and a beta of 1.16. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.68 and a quick ratio of 1.54. Patterson-UTI Energy has a 1 year low of $14.60 and a 1 year high of $25.03.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.01). The firm had revenue of $854.42 million during the quarter, compared to analysts’ expectations of $866.96 million. Patterson-UTI Energy had a negative return on equity of 2.64% and a net margin of 3.72%. The firm’s quarterly revenue was up 47.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.46) EPS. equities analysts anticipate that Patterson-UTI Energy will post -0.37 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 20th. Investors of record on Thursday, September 6th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Wednesday, September 5th. Patterson-UTI Energy’s payout ratio is -20.00%.

A number of hedge funds have recently made changes to their positions in the stock. Gamco Investors INC. ET AL lifted its stake in Patterson-UTI Energy by 12.5% in the second quarter. Gamco Investors INC. ET AL now owns 43,875 shares of the oil and gas company’s stock worth $790,000 after acquiring an additional 4,875 shares during the period. NumerixS Investment Technologies Inc lifted its stake in Patterson-UTI Energy by 9,750.0% in the second quarter. NumerixS Investment Technologies Inc now owns 19,700 shares of the oil and gas company’s stock worth $360,000 after acquiring an additional 19,500 shares during the period. Riverhead Capital Management LLC lifted its stake in Patterson-UTI Energy by 39.7% in the second quarter. Riverhead Capital Management LLC now owns 23,934 shares of the oil and gas company’s stock worth $431,000 after acquiring an additional 6,800 shares during the period. Tyers Asset Management LLC lifted its stake in Patterson-UTI Energy by 39.5% in the second quarter. Tyers Asset Management LLC now owns 21,680 shares of the oil and gas company’s stock worth $390,000 after acquiring an additional 6,144 shares during the period. Finally, Meadow Creek Investment Management LLC lifted its stake in Patterson-UTI Energy by 45.9% in the second quarter. Meadow Creek Investment Management LLC now owns 37,940 shares of the oil and gas company’s stock worth $683,000 after acquiring an additional 11,928 shares during the period. 97.61% of the stock is owned by institutional investors.

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.

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

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