Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $14.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price decreased by Bank of America from $14.50 to $14.00 in a research note published on Monday morning, Benzinga reports. Bank of America currently has a buy rating on the oil and gas company’s stock.

Several other equities analysts have also issued reports on the stock. Evercore ISI cut their price objective on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an outperform rating on the stock in a report on Tuesday, February 20th. Susquehanna reiterated a positive rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Raymond James reduced their price target on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a research report on Friday, February 16th. Royal Bank of Canada dropped their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating for the company in a research note on Friday, February 16th. Finally, The Goldman Sachs Group began coverage on shares of Patterson-UTI Energy in a research note on Tuesday, December 19th. They issued a neutral rating and a $12.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $16.17.

Patterson-UTI Energy Trading Down 1.0 %

PTEN opened at $11.22 on Monday. The firm has a market cap of $4.52 billion, a P/E ratio of 11.11, a P/E/G ratio of 1.19 and a beta of 2.21. Patterson-UTI Energy has a 12 month low of $9.70 and a 12 month high of $16.17. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average of $11.65 and a 200 day moving average of $11.65.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. As a group, research analysts forecast that Patterson-UTI Energy will post 0.63 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.85%. The ex-dividend date was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is currently 31.68%.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the transaction, the director now directly owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PTEN. WBI Investments Inc. acquired a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth about $1,610,000. Raymond James & Associates boosted its holdings in shares of Patterson-UTI Energy by 22.2% during the fourth quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock worth $6,836,000 after purchasing an additional 114,868 shares during the period. Walleye Trading LLC acquired a new stake in shares of Patterson-UTI Energy during the third quarter worth approximately $2,830,000. Vaughan Nelson Investment Management L.P. raised its position in Patterson-UTI Energy by 20.0% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,559,482 shares of the oil and gas company’s stock valued at $35,424,000 after acquiring an additional 425,975 shares in the last quarter. Finally, Swiss National Bank raised its position in Patterson-UTI Energy by 73.1% during the third quarter. Swiss National Bank now owns 784,788 shares of the oil and gas company’s stock valued at $10,861,000 after acquiring an additional 331,488 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.