Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $14.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price trimmed by Royal Bank of Canada from $15.00 to $14.00 in a research note published on Friday morning, Benzinga reports. The firm currently has an outperform rating on the oil and gas company’s stock.

Other analysts also recently issued reports about the stock. StockNews.com downgraded shares of Patterson-UTI Energy from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating for the company in a research note on Tuesday, July 16th. Susquehanna dropped their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a positive rating for the company in a report on Thursday, July 11th. Evercore ISI decreased their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating on the stock in a research note on Friday, May 3rd. Finally, Benchmark reiterated a hold rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Patterson-UTI Energy has an average rating of Moderate Buy and an average target price of $14.77.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $10.43 on Friday. The stock’s 50-day moving average is $10.36 and its 200 day moving average is $10.93. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of 15.34 and a beta of 2.19. Patterson-UTI Energy has a 1-year low of $9.51 and a 1-year high of $16.17. The company has a current ratio of 1.50, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. During the same period last year, the business earned $0.46 earnings per share. On average, sell-side analysts anticipate that Patterson-UTI Energy will post 0.48 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.07%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the transaction, the director now directly owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

Several institutional investors and hedge funds have recently bought and sold shares of PTEN. Raymond James & Associates grew its holdings in shares of Patterson-UTI Energy by 22.2% during the 4th quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock worth $6,836,000 after acquiring an additional 114,868 shares during the period. AlphaMark Advisors LLC boosted its position in shares of Patterson-UTI Energy by 13.6% during the fourth quarter. AlphaMark Advisors LLC now owns 19,843 shares of the oil and gas company’s stock valued at $214,000 after purchasing an additional 2,374 shares in the last quarter. Arizona State Retirement System grew its stake in Patterson-UTI Energy by 1.5% in the fourth quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock worth $1,074,000 after purchasing an additional 1,506 shares during the period. DekaBank Deutsche Girozentrale grew its stake in Patterson-UTI Energy by 46.9% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $107,000 after purchasing an additional 3,196 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in Patterson-UTI Energy by 3.4% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,647,627 shares of the oil and gas company’s stock worth $28,595,000 after purchasing an additional 88,145 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.