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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received a consensus recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $12.71.

PTEN has been the topic of a number of analyst reports. Royal Bank of Canada dropped their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday. Citigroup decreased their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a report on Friday, September 13th. Piper Sandler decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, ATB Capital decreased their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $8.29 on Tuesday. Patterson-UTI Energy has a fifty-two week low of $7.45 and a fifty-two week high of $14.26. The firm’s 50-day simple moving average is $8.53 and its two-hundred day simple moving average is $10.00. The stock has a market cap of $3.33 billion, a PE ratio of 12.19 and a beta of 2.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last posted 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). 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 the consensus estimate of $1.41 billion. Analysts anticipate that Patterson-UTI Energy will post 0.28 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business 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. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.86%. Patterson-UTI Energy’s dividend payout ratio (DPR) is 47.06%.

Institutional Trading of Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of PTEN. Creative Planning lifted its position in shares of Patterson-UTI Energy by 101.4% during the 3rd quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock valued at $996,000 after buying an additional 65,570 shares in the last quarter. Viking Fund Management LLC lifted its stake in shares of Patterson-UTI Energy by 10.0% during the 3rd quarter. Viking Fund Management LLC now owns 110,000 shares of the oil and gas company’s stock valued at $842,000 after buying an additional 10,000 shares in the last quarter. Somerset Trust Co bought a new position in Patterson-UTI Energy in the 3rd quarter worth $118,000. SG Americas Securities LLC increased its stake in Patterson-UTI Energy by 218.3% in the 3rd quarter. SG Americas Securities LLC now owns 157,776 shares of the oil and gas company’s stock worth $1,207,000 after buying an additional 108,203 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings 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 valued at $33,000 after acquiring an additional 3,087 shares during the period. Institutional investors own 97.91% of the company’s stock.

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.