Brokerages Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Target Price at $7.39

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received an average rating of “Hold” from the thirteen brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $7.3889.

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada lifted their price objective on Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Zacks Research raised Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 1st. Finally, Susquehanna reduced their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a report on Wednesday, September 3rd.

Patterson-UTI Energy Trading Up 0.8%

PTEN opened at $6.32 on Friday. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $9.57. The company has a market cap of $2.40 billion, a P/E ratio of -17.56 and a beta of 0.77. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. The business’s 50-day simple moving average is $5.95 and its 200-day simple moving average is $5.87.

Patterson-UTI Energy (NASDAQ:PTEN) last announced 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 company had revenue of $191.70 million during the quarter. As a group, equities research analysts expect that Patterson-UTI Energy will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 annualized dividend and a yield of 5.1%. Patterson-UTI Energy’s dividend payout ratio is -88.89%.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in Patterson-UTI Energy by 11.9% during the 2nd quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company’s stock valued at $90,000 after acquiring an additional 1,615 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of 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 purchasing an additional 1,915 shares during the last quarter. Somerset Trust Co increased its stake in shares of Patterson-UTI Energy by 8.0% during the 2nd quarter. Somerset Trust Co now owns 30,620 shares of the oil and gas company’s stock worth $182,000 after purchasing an additional 2,275 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Patterson-UTI Energy by 41.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after purchasing an additional 2,323 shares during the last quarter. Finally, Brucke Financial Inc. lifted its stake in Patterson-UTI Energy by 14.4% in the 2nd quarter. Brucke Financial Inc. now owns 19,175 shares of the oil and gas company’s stock valued at $114,000 after buying an additional 2,417 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.