Analysts Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) PT at $14.29

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned a consensus rating of “Moderate Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $13.13.

PTEN has been the subject of a number of analyst reports. Royal Bank of Canada lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. Bank of America dropped their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. Citigroup decreased their target price on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Finally, Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th.

Patterson-UTI Energy Trading Up 3.3 %

Shares of NASDAQ PTEN opened at $8.50 on Friday. The firm has a 50 day moving average price of $9.30 and a two-hundred day moving average price of $10.43. The stock has a market cap of $3.41 billion, a P/E ratio of 12.50 and a beta of 2.13. Patterson-UTI Energy has a 52-week low of $7.60 and a 52-week high of $15.47. 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 issued its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. As a group, equities analysts forecast that Patterson-UTI Energy will post 0.3 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its position in shares of Patterson-UTI Energy by 7.3% during the fourth quarter. Victory Capital Management Inc. now owns 87,339 shares of the oil and gas company’s stock valued at $943,000 after purchasing an additional 5,915 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Patterson-UTI Energy by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company’s stock worth $51,677,000 after buying an additional 177,428 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Patterson-UTI Energy by 11.3% in the 4th quarter. Teacher Retirement System of Texas now owns 43,546 shares of the oil and gas company’s stock worth $470,000 after buying an additional 4,407 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Patterson-UTI Energy by 92.1% in the 4th quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock worth $9,809,000 after buying an additional 435,490 shares during the last quarter. Finally, Jump Financial LLC grew its holdings in shares of Patterson-UTI Energy by 17.9% in the fourth quarter. Jump Financial LLC now owns 73,392 shares of the oil and gas company’s stock valued at $793,000 after acquiring an additional 11,157 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

About Patterson-UTI Energy

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.