Citigroup Reiterates Neutral Rating for Patterson-UTI Energy (NASDAQ:PTEN)

Citigroup reissued their neutral rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report report published on Monday, Marketbeat Ratings reports. Citigroup currently has a $6.50 price objective on the oil and gas company’s stock.

PTEN has been the topic of several other research reports. The Goldman Sachs Group dropped their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Barclays dropped their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, April 14th. Morgan Stanley decreased their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, May 16th. Finally, Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $9.82.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $5.59 on Monday. The firm has a market capitalization of $2.16 billion, a P/E ratio of -2.26 and a beta of 1.33. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm’s fifty day moving average price is $6.56 and its two-hundred day moving average price is $7.67. Patterson-UTI Energy has a 1 year low of $5.12 and a 1 year high of $11.38.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the firm earned $0.15 EPS. Patterson-UTI Energy’s quarterly revenue was down 15.2% compared to the same quarter last year. As a group, research analysts anticipate that Patterson-UTI Energy will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.72%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.31%.

Insider Activity

In other news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. The trade was a 1.02% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now owns 85,475 shares of the company’s stock, valued at $634,224.50. The trade was a 36.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the stock. WFA Asset Management Corp bought a new stake in Patterson-UTI Energy during the 4th quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $42,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after buying an additional 1,717 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.