Patterson-UTI Energy (NASDAQ:PTEN) Downgraded by StockNews.com to Sell

StockNews.com downgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a sell rating in a report issued on Saturday.

Other research analysts also recently issued reports about the company. Citigroup cut their price objective on Patterson-UTI Energy from $12.50 to $11.00 and set a buy rating on the stock in a research note on Friday, September 13th. Bank of America dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating on the stock in a report on Monday, July 15th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an equal weight rating on the stock in a research report on Monday, September 16th. ATB Capital cut their price objective 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. Finally, Royal Bank of Canada lowered 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. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $12.71.

Patterson-UTI Energy Stock Down 4.4 %

Shares of Patterson-UTI Energy stock opened at $7.89 on Friday. The stock has a 50-day simple moving average of $8.50 and a 200-day simple moving average of $9.93. Patterson-UTI Energy has a 52-week low of $7.45 and a 52-week high of $14.26. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of 11.60 and a beta of 2.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. On average, equities research analysts expect that Patterson-UTI Energy will post 0.28 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

Institutional Trading of Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fortitude Family Office LLC raised its stake in shares of 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 buying an additional 1,594 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in Patterson-UTI Energy by 250.4% in 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 purchasing an additional 3,087 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Patterson-UTI Energy in the fourth quarter worth $40,000. Finally, CWM LLC boosted its position in shares of Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares in the last quarter. 97.91% of the stock is owned by 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.