BMO Capital Reaffirms Their Hold Rating on Patterson-UTI

By Austin Angelo

BMO Capital analyst Daniel Boyd reiterated a Hold rating on Patterson-UTI (NASDAQ: PTEN) today and set a price target of $28. The company’s shares opened today at $22.36.

According to TipRanks.com, Boyd is a 3-star analyst with an average return of 3.7% and a 52.7% success rate. Boyd covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Oil States International, and Basic Energy Services.

Patterson-UTI has an analyst consensus of Moderate Buy, with a price target consensus of $31.67.

Based on Patterson-UTI’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $305 million and GAAP net loss of $63.54 million. In comparison, last year the company earned revenue of $269 million and had a GAAP net loss of $69.82 million.

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Patterson-UTI Energy, Inc. engages in the provision of onshore contract drilling services to major and independent oil and natural gas operators in the continental United States, Alaska and western and northern Canada. It operates through the following segments: Contract Drilling, Pressure Pumping Services and Oil and Natural Gas Properties. The Contract Drilling segment markets its services to major and independent oil and natural gas operators. The Pressure Pumping segment provides pressure pumping services to oil and natural gas operators primarily in Texas and the Appalachian Basin. The Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The company was founded by Cloyce A. Talbott and A. Glenn Patterson in 1978 and is headquartered in Houston, TX.