Deutsche Bank Maintains Patterson-UTI Energy to Buy with Price Target $22.00

Brokerage firm Deutsche Bank Maintains its rating on Patterson-UTI Energy(NASDAQ:PTEN). In a research note issued to the investors, the brokerage major Lowers the price-target to $22.00 per share. The shares have been rated Buy. The rating by Deutsche Bank was issued on Aug 1, 2016.

In a different note, On Jul 13, 2016, Citigroup said it Maintains its rating on Patterson-UTI Energy. In the research note, the firm Raises the price-target to $20.00 per share. The shares have been rated ‘Neutral’ by the firm. On Jul 11, 2016, Jefferies said it Upgrades its rating on Patterson-UTI Energy. In the research note, the firm Raises the price-target to $19.00 per share. The shares have been rated ‘Buy’ by the firm. On Jun 29, 2016, Simmons & Co. said it Upgrades its rating on Patterson-UTI Energy. The shares have been rated ‘Overweight’ by the firm. On Jun 1, 2016, Credit Suisse said it Downgrades its rating on Patterson-UTI Energy. In the research note, the firm Raises the price-target to $14.00 per share. The shares have been rated ‘Underperform’ by the firm.

Patterson-UTI Energy (PTEN) made into the market gainers list on Mondays trading session with the shares advancing 2.93% or 0.58 points. Due to strong positive momentum, the stock ended at $20.39, which is also near the day’s high of $20.615. The stock began the session at $20.02 and the volume stood at 25,63,251 shares. The 52-week high of the shares is $22.12 and the 52 week low is $10.935. The company has a current market capitalization of $3,012 M and it has 14,77,32,340 shares in outstanding.

Patterson-UTI Energy has also declared a cash dividend of $0.0200 on Jul 28, 2016. The shares will quote ex-dividend on Sep 6, 2016 and the record date has been fixed on Sep 8, 2016. The dividend payable date has been fixed on Sep 22, 2016.

Patterson-UTI Energy(PTEN) last announced its earnings results on Jul 28, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $193.91M. Analysts had an estimated revenue of $191.68M. Earnings per share were $-0.58. Analysts had estimated an EPS of $-0.63.

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 markets its contract drilling services to oil and natural gas operators in the continental United States and western and northern Canada. The Company’s Pressure Pumping segment provides pressure pumping services to oil and natural gas operators in Texas Southwest Region and the Appalachian region Northeast Region. The Company’s Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The Company’s oil and natural gas working interests are located in producing regions of Texas and New Mexico.

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