Trade Report: The Patterson-UTI Energy Inc. (PTEN) PT Raised to $26.00 at Citigroup Inc.

The Patterson-UTI Energy Inc. (PTEN) PT Raised to $26.00 at Citigroup Inc.

Patterson-UTI Energy Inc. (NASDAQ:PTEN) had its price objective increased by equities research analysts at Citigroup Inc. from $21.00 to $26.00 in a report released on Tuesday. The brokerage presently has a “neutral” rating on the stock. Citigroup Inc.’s target price points to a potential upside of 7.39% from the stock’s current price.

Several other research analysts have also issued reports on PTEN. Gabelli initiated coverage on shares of Patterson-UTI Energy in a research report on Thursday, June 16th. They issued a “hold” rating for the company. Howard Weil upped their target price on shares of Patterson-UTI Energy from $20.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Monday, June 20th. Scotiabank reiterated a “sector perform” rating and issued a $22.00 target price (up from $20.00) on shares of Patterson-UTI Energy in a research report on Monday, June 20th. Piper Jaffray Cos. upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a research report on Wednesday, June 29th. Finally, Simmons upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $17.50 to $23.00 in a research report on Wednesday, June 29th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $19.84.

Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 24.21 on Tuesday. The stock has a 50 day moving average price of $20.55 and a 200 day moving average price of $19.60. The firm’s market capitalization is $3.54 billion. Patterson-UTI Energy has a 52 week low of $10.94 and a 52 week high of $24.50.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.05. Patterson-UTI Energy had a negative net margin of 36.04% and a negative return on equity of 10.09%. The company earned $193.90 million during the quarter, compared to analyst estimates of $193.19 million. During the same period in the previous year, the business earned ($0.13) earnings per share. The firm’s quarterly revenue was down 59.0% compared to the same quarter last year. Analysts forecast that Patterson-UTI Energy will post ($2.34) EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend was Tuesday, September 6th. Patterson-UTI Energy’s payout ratio is -2.67%.

Large investors have recently bought and sold shares of the stock. Commonwealth Equity Services Inc boosted its stake in Patterson-UTI Energy by 1.2% in the second quarter. Commonwealth Equity Services Inc now owns 12,932 shares of the company’s stock worth $276,000 after buying an additional 150 shares during the last quarter. State Treasurer State of Michigan boosted its stake in shares of Patterson-UTI Energy by 0.7% in the second quarter. State Treasurer State of Michigan now owns 59,100 shares of the company’s stock valued at $1,260,000 after buying an additional 400 shares in the last quarter. Broadview Advisors LLC boosted its stake in shares of Patterson-UTI Energy by 0.4% in the second quarter. Broadview Advisors LLC now owns 117,850 shares of the company’s stock valued at $2,513,000 after buying an additional 500 shares in the last quarter. Leavell Investment Management Inc. boosted its stake in shares of Patterson-UTI Energy by 4.3% in the second quarter. Leavell Investment Management Inc. now owns 24,000 shares of the company’s stock valued at $512,000 after buying an additional 1,000 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Patterson-UTI Energy by 1.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 74,377 shares of the company’s stock valued at $1,586,000 after buying an additional 1,193 shares in the last quarter.

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