Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $7.39 Consensus PT from Brokerages

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given a consensus rating of “Hold” by the thirteen research firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $7.3889.

A number of research firms recently issued reports on PTEN. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Thursday. Stifel Nicolaus lowered their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, July 25th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Royal Bank Of Canada increased their price target on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Finally, Zacks Research raised Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of large investors have recently added to or reduced their stakes in PTEN. GAMMA Investing LLC increased its holdings in shares of Patterson-UTI Energy by 11.9% during the second quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company’s stock worth $90,000 after buying an additional 1,615 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after buying an additional 1,915 shares during the period. Readystate Asset Management LP boosted its stake in Patterson-UTI Energy by 4.1% during the first quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company’s stock worth $426,000 after acquiring an additional 2,019 shares in the last quarter. Xponance Inc. boosted its position in shares of Patterson-UTI Energy by 7.4% during the 1st quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company’s stock worth $245,000 after purchasing an additional 2,057 shares in the last quarter. Finally, Somerset Trust Co boosted its holdings in Patterson-UTI Energy by 8.0% in the second quarter. Somerset Trust Co now owns 30,620 shares of the oil and gas company’s stock worth $182,000 after acquiring an additional 2,275 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $5.98 on Wednesday. The stock has a fifty day moving average price of $5.81 and a 200 day moving average price of $5.87. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $9.57. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The company has a market cap of $2.27 billion, a PE ratio of -16.61 and a beta of 1.22.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. The business had revenue of $191.70 million during the quarter. Sell-side analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.4%. Patterson-UTI Energy’s payout ratio is currently -88.89%.

Patterson-UTI Energy Company Profile

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.