Q1 2017 EPS Estimates for Patterson-UTI Energy, Inc. (PTEN) Raised by Analyst

Q1 2017 EPS Estimates for Patterson-UTI Energy, Inc. (PTEN) Raised by Analyst

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Capital One Financial Corporation boosted their Q1 2017 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research report issued on Wednesday. Capital One Financial Corporation analyst L. Lemoine now anticipates that the brokerage will post earnings of ($0.43) per share for the quarter, up from their prior forecast of ($0.46). Capital One Financial Corporation also issued estimates for Patterson-UTI Energy’s Q2 2017 earnings at ($0.39) EPS, Q3 2017 earnings at ($0.32) EPS, Q4 2017 earnings at ($0.29) EPS and FY2017 earnings at ($0.96) EPS.

Other analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Wednesday, December 28th. Evercore ISI reiterated a “buy” rating and issued a $30.00 target price (up from $27.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 14th. Bank of America Corp upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a report on Wednesday, November 30th. Jefferies Group LLC reiterated a “buy” rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a report on Wednesday, October 19th. Finally, RBC Capital Markets reiterated a “buy” rating and issued a $35.00 target price on shares of Patterson-UTI Energy in a report on Monday, January 9th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seventeen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $25.12.

Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded down 1.49% during mid-day trading on Friday, reaching $27.86. 1,025,112 shares of the company were exchanged. The company’s 50 day moving average price is $27.56 and its 200 day moving average price is $23.06. Patterson-UTI Energy has a 12 month low of $11.81 and a 12 month high of $29.56. The firm’s market capitalization is $4.09 billion.

A number of institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC acquired a new position in shares of Patterson-UTI Energy during the third quarter worth about $154,000. Advisor Group Inc. boosted its position in shares of Patterson-UTI Energy by 1,535.8% in the third quarter. Advisor Group Inc. now owns 7,443 shares of the company’s stock worth $167,000 after buying an additional 6,988 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Patterson-UTI Energy by 89.3% in the second quarter. PNC Financial Services Group Inc. now owns 8,732 shares of the company’s stock worth $186,000 after buying an additional 4,118 shares in the last quarter. ETRADE Capital Management LLC acquired a new position in shares of Patterson-UTI Energy during the third quarter worth about $200,000. Finally, LS Investment Advisors LLC boosted its position in shares of Patterson-UTI Energy by 7.1% in the third quarter. LS Investment Advisors LLC now owns 9,450 shares of the company’s stock worth $211,000 after buying an additional 628 shares in 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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