Patterson-UTI Energy (PTEN) is Upgraded by BofA/Merrill to Neutral

Patterson-UTI Energy (PTEN) was Upgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Underperform ” on the company shares. BofA/Merrill advised their investors in a research report released on Aug 16, 2016.

Many Wall Street Analysts have commented on Patterson-UTI Energy. Patterson-UTI Energy was Downgraded by Macquarie to ” Underperform” on Aug 9, 2016. Company shares were Reiterated by Cowen on Jul 29, 2016 to “Outperform”, Firm has raised the Price Target to $ 23 from a previous price target of $21 .Company shares were Upgraded by Jefferies on Jul 11, 2016 to ” Buy”, Firm has raised the Price Target to $ 25 from a previous price target of $19 .

On the company’s financial health, Patterson-UTI Energy reported $-0.58 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $-0.62. The company had revenue of $194.00 million for the quarter, compared to analysts expectations of $194.39 million. The company’s revenue was down -59.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.13 EPS.

Patterson-UTI Energy opened for trading at $19.63 and hit $20.305 on the upside on Monday, eventually ending the session at $20.09, with a gain of 3.34% or 0.65 points. The heightened volatility saw the trading volume jump to 26,08,407 shares. Company has a market cap of $2,968 M.

Investors should note that on Jul 28, 2016, Patterson-UTI Energy announced a cash dividend of $0.0200. The company’s management has announced Sep 6, 2016 as the ex-dividend date and fixed the record date on Sep 8, 2016. The payable date has been fixed on Sep 22, 2016.

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.

Patterson-UTI Energy

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