Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $13.13.

A number of brokerages have issued reports on PTEN. Barclays reduced their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Bank of America decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Finally, ATB Capital decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th.

Patterson-UTI Energy Stock Up 3.3 %

NASDAQ PTEN opened at $8.40 on Friday. Patterson-UTI Energy has a 1 year low of $7.60 and a 1 year high of $15.97. The stock has a market capitalization of $3.37 billion, a PE ratio of 12.35 and a beta of 2.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The business’s 50-day moving average is $9.36 and its 200 day moving average is $10.47.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. Sell-side analysts forecast that Patterson-UTI Energy will post 0.3 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.81%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is 47.06%.

Institutional Trading of Patterson-UTI Energy

Several institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. purchased a new stake in Patterson-UTI Energy during the 2nd quarter valued at $152,265,000. Ninepoint Partners LP purchased a new stake in shares of Patterson-UTI Energy during the second quarter valued at $51,800,000. Norges Bank bought a new stake in Patterson-UTI Energy in the 4th quarter worth about $44,911,000. Balyasny Asset Management L.P. bought a new stake in Patterson-UTI Energy in the 4th quarter worth about $44,872,000. Finally, American Century Companies Inc. raised its position in Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after buying an additional 2,191,330 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.