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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given a consensus rating of “Moderate Buy” by the twelve research firms that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $15.82.

A number of equities analysts have weighed in on the stock. Piper Sandler decreased their price target on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 6th. Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Susquehanna restated a “positive” rating and set a $16.00 target price on shares of Patterson-UTI Energy in a report on Monday, April 8th. Bank of America reduced their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a report on Monday, April 15th. Finally, Evercore ISI reduced their target price on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd.

Patterson-UTI Energy Stock Up 0.7 %

Shares of PTEN opened at $10.13 on Friday. The firm has a market cap of $4.07 billion, a PE ratio of 14.90 and a beta of 2.19. The company’s fifty day moving average is $10.58 and its two-hundred day moving average is $11.00. Patterson-UTI Energy has a fifty-two week low of $9.68 and a fifty-two week high of $16.17. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same quarter last year, the business earned $0.46 EPS. Analysts forecast that Patterson-UTI Energy will post 0.56 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.16%. The ex-dividend date was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is 47.06%.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy 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 sale, the director now owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Boston Partners increased its position in shares of Patterson-UTI Energy by 8.4% in the 1st quarter. Boston Partners now owns 1,915,224 shares of the oil and gas company’s stock worth $22,679,000 after purchasing an additional 148,521 shares during the last quarter. Verity Asset Management Inc. increased its position in shares of Patterson-UTI Energy by 44.2% in the 1st quarter. Verity Asset Management Inc. now owns 54,367 shares of the oil and gas company’s stock worth $649,000 after purchasing an additional 16,665 shares during the last quarter. EMC Capital Management bought a new stake in shares of Patterson-UTI Energy in the 1st quarter worth about $262,000. Webs Creek Capital Management LP bought a new stake in shares of Patterson-UTI Energy in the 1st quarter worth about $24,116,000. Finally, KLCM Advisors Inc. bought a new stake in shares of Patterson-UTI Energy in the 1st quarter worth about $9,609,000. 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.