Patterson-UTI Energy (NASDAQ:PTEN) Hits New 1-Year Low at $8.11

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $8.11 and last traded at $8.18, with a volume of 234134 shares traded. The stock had previously closed at $8.20.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PTEN shares. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a research note on Thursday, July 11th. Bank of America lowered their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research report on Monday, July 15th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 5th. Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. Finally, Barclays cut their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. One equities 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.29.

Patterson-UTI Energy Price Performance

The firm has a market cap of $3.09 billion, a PE ratio of 11.56 and a beta of 2.13. The stock has a 50 day simple moving average of $9.52 and a two-hundred day simple moving average of $10.57. 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 announced its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share 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 analysts’ expectations of $1.41 billion. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.32 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently modified their holdings of PTEN. BNP Paribas Financial Markets grew its holdings in Patterson-UTI Energy by 92.1% in the fourth quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock valued at $9,809,000 after purchasing an additional 435,490 shares during the period. Pingora Partners LLC purchased a new stake in Patterson-UTI Energy in the 4th quarter worth $245,000. CANADA LIFE ASSURANCE Co raised its position in Patterson-UTI Energy by 25.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock worth $5,931,000 after acquiring an additional 100,626 shares during the period. Edmond DE Rothschild Holding S.A. lifted its holdings in Patterson-UTI Energy by 37.8% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,350,000 shares of the oil and gas company’s stock valued at $14,580,000 after purchasing an additional 370,000 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Patterson-UTI Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the period. 97.91% of the stock is owned by hedge funds and other 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.