The Patterson-UTI Energy Inc. (PTEN) Downgraded by Cowen and Company

The Patterson-UTI Energy Inc. (PTEN) Downgraded by Cowen and Company

Patterson-UTI Energy Inc. (NASDAQ:PTEN) was downgraded by analysts at Cowen and Company from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday. They currently have a $26.00 target price on the stock. Cowen and Company’s target price would suggest a potential downside of 5.49% from the stock’s current price.

PTEN has been the subject of a number of other research reports. Howard Weil upped their price objective on shares of Patterson-UTI Energy from $22.00 to $27.00 and gave the company a “sector perform” rating in a research report on Friday, October 28th. KeyCorp raised shares of Patterson-UTI Energy from a “sector weight” rating to an “overweight” rating and set a $35.00 price objective for the company in a research report on Wednesday, January 4th. They noted that the move was a valuation call. Credit Suisse Group AG raised shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $18.00 to $23.00 in a research report on Wednesday, January 4th. BMO Capital Markets reaffirmed a “hold” rating and set a $26.00 price objective on shares of Patterson-UTI Energy in a research report on Thursday, January 12th. Finally, Guggenheim lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 6th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $25.04.

Patterson-UTI Energy (NASDAQ:PTEN) opened at 27.51 on Thursday. The stock’s 50 day moving average price is $27.64 and its 200 day moving average price is $22.84. Patterson-UTI Energy has a 12 month low of $11.28 and a 12 month high of $29.56. The firm’s market capitalization is $4.03 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, October 27th. The company reported ($0.58) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.60) by $0.02. Patterson-UTI Energy had a negative net margin of 29.69% and a negative return on equity of 12.24%. The company earned $206.10 million during the quarter, compared to analysts’ expectations of $205.31 million. During the same period in the prior year, the company earned ($0.26) earnings per share. The business’s quarterly revenue was down 51.2% compared to the same quarter last year. On average, analysts forecast that Patterson-UTI Energy will post ($2.29) earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, December 22nd. Shareholders of record on Thursday, December 8th were issued a $0.02 dividend. The ex-dividend date was Tuesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.29%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -3.92%.

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Patterson-UTI Energy by 2.8% in the second quarter. Vanguard Group Inc. now owns 11,135,040 shares of the company’s stock worth $237,399,000 after buying an additional 306,535 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Patterson-UTI Energy by 3.7% in the third quarter. BlackRock Fund Advisors now owns 5,789,528 shares of the company’s stock worth $129,512,000 after buying an additional 205,298 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Patterson-UTI Energy by 14.9% in the third quarter. JPMorgan Chase & Co. now owns 5,610,679 shares of the company’s stock worth $125,511,000 after buying an additional 727,827 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Patterson-UTI Energy by 3.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,378,929 shares of the company’s stock worth $93,359,000 after buying an additional 132,356 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Patterson-UTI Energy by 5.8% in the third quarter. Bank of New York Mellon Corp now owns 2,758,926 shares of the company’s stock worth $61,717,000 after buying an additional 150,721 shares during the last quarter.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.

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