Barclays Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $12.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price target cut by Barclays from $14.00 to $12.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

A number of other research firms have also weighed in on PTEN. Susquehanna cut their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research report on Friday, October 11th. Piper Sandler decreased their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Bank of America dropped their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Finally, ATB Capital dropped their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.54.

Patterson-UTI Energy Stock Up 2.0 %

Shares of PTEN stock opened at $8.05 on Wednesday. The stock’s 50 day simple moving average is $8.49 and its 200 day simple moving average is $9.92. Patterson-UTI Energy has a twelve month low of $7.45 and a twelve month high of $14.26. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 11.84 and a beta of 2.12.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. As a group, research analysts predict that Patterson-UTI Energy will post 0.28 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently made changes to their positions in the business. Fortitude Family Office LLC lifted its stake in Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,594 shares during the period. Hexagon Capital Partners LLC boosted its stake in Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,307 shares in the last quarter. CWM LLC grew its position in Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after acquiring an additional 893 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 3,087 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new position in shares of Patterson-UTI Energy during the first quarter valued at $56,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.