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

StockNews.com lowered shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a sell rating in a research report released on Tuesday.

Other equities research analysts have also recently issued research reports about the company. Benchmark restated a hold rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Bank of America cut their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a buy rating for the company in a research note on Monday, April 15th. Piper Sandler cut their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an overweight rating for the company in a research note on Monday, May 6th. Susquehanna reaffirmed a positive rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a report on Monday, April 8th. Finally, Evercore ISI dropped their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating on the stock in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of Moderate Buy and a consensus price target of $15.82.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $10.13 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a twelve month low of $9.68 and a twelve month high of $16.17. The stock has a 50 day moving average of $10.58 and a two-hundred day moving average of $11.00. The stock has a market cap of $4.07 billion, a P/E ratio of 14.90 and a beta of 2.19.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the prior year, the business earned $0.46 earnings per share. On average, research 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 announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were issued a $0.08 dividend. 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 at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $11.55, for a total value of $1,732,500.00. Following the sale, the director now owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

A number of large investors have recently made changes to their positions in PTEN. California State Teachers Retirement System boosted its stake in shares of Patterson-UTI Energy by 54.5% during the third quarter. California State Teachers Retirement System now owns 389,840 shares of the oil and gas company’s stock valued at $5,395,000 after acquiring an additional 137,587 shares during the last quarter. Teza Capital Management LLC acquired a new stake in shares of Patterson-UTI Energy during the third quarter valued at $391,000. Gotham Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 27.0% during the third quarter. Gotham Asset Management LLC now owns 73,428 shares of the oil and gas company’s stock valued at $1,016,000 after acquiring an additional 15,611 shares during the last quarter. Lazard Asset Management LLC purchased a new position in Patterson-UTI Energy during the third quarter worth about $878,000. Finally, Shelton Capital Management lifted its position in Patterson-UTI Energy by 31.4% during the third quarter. Shelton Capital Management now owns 14,311 shares of the oil and gas company’s stock worth $198,000 after buying an additional 3,420 shares during the period. Institutional investors and hedge funds 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.