Patterson-UTI Energy (NASDAQ:PTEN) Sets New 12-Month Low at $8.30

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week low during trading on Tuesday . The company traded as low as $8.30 and last traded at $8.41, with a volume of 200526 shares traded. The stock had previously closed at $8.76.

A number of brokerages recently commented on PTEN. Scotiabank lowered Patterson-UTI Energy from a “sector outperform” rating to a “sector perform” rating and set a $9.00 price objective for the company. in a research report on Wednesday, August 7th. ValuEngine upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Piper Jaffray Companies lowered their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Credit Suisse Group lowered their price objective on Patterson-UTI Energy from $14.00 to $11.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. Finally, Royal Bank of Canada set a $17.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $14.68.

The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -25.09 and a beta of 1.43. The company has a 50-day moving average price of $10.32 and a 200-day moving average price of $12.43. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.76 and a current ratio of 1.91.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. The company had revenue of $675.77 million during the quarter, compared to analyst estimates of $670.28 million. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. The company’s revenue for the quarter was down 20.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.05) EPS. As a group, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.91 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.04 per share. The ex-dividend date is Wednesday, September 4th. This represents a $0.16 annualized dividend and a dividend yield of 1.89%. Patterson-UTI Energy’s payout ratio is currently -47.06%.

Institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC grew its position in shares of Patterson-UTI Energy by 129.0% during the 1st quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock worth $33,000 after buying an additional 1,342 shares during the period. Quantamental Technologies LLC grew its position in shares of Patterson-UTI Energy by 173.2% in the 2nd quarter. Quantamental Technologies LLC now owns 6,041 shares of the oil and gas company’s stock valued at $70,000 after purchasing an additional 3,830 shares during the period. Machina Capital S.A.S. grew its position in shares of Patterson-UTI Energy by 1,559.1% in the 2nd quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock valued at $76,000 after purchasing an additional 6,174 shares during the period. KBC Group NV acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at approximately $78,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $120,000. Institutional investors own 99.60% of the company’s stock.

Patterson-UTI Energy Company Profile (NASDAQ:PTEN)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

Further Reading: Hold Rating

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.