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

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective lowered by Piper Sandler from $17.00 to $14.00 in a research note released on Monday, Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

A number of other research firms also recently weighed in on PTEN. Susquehanna reissued a positive rating and set a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Royal Bank of Canada decreased their target price on Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating for the company in a research report on Friday, February 16th. StockNews.com cut Patterson-UTI Energy from a hold rating to a sell rating in a research report on Tuesday, April 2nd. Raymond James cut their price target on Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a research note on Friday, February 16th. Finally, Bank of America dropped their price objective 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $15.67.

Patterson-UTI Energy Price Performance

PTEN opened at $11.16 on Monday. The firm’s fifty day moving average price is $11.58 and its two-hundred day moving average price is $11.42. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of 16.41, a P/E/G ratio of 1.57 and a beta of 2.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. Patterson-UTI Energy has a 1 year low of $9.70 and a 1 year high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. During the same quarter in the previous year, the business earned $0.46 EPS. As a group, analysts anticipate that Patterson-UTI Energy will post 0.59 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s 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 sale, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of large investors have recently modified their holdings of PTEN. Capital Advisors Ltd. LLC purchased a new stake in Patterson-UTI Energy in the third quarter worth approximately $25,000. Fortitude Family Office LLC boosted its stake in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,594 shares in the last quarter. Lindbrook Capital LLC grew its holdings in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 1,332 shares during the last quarter. Neo Ivy Capital Management purchased a new position in Patterson-UTI Energy in the 4th quarter worth $40,000. Finally, Parkside Financial Bank & Trust lifted its stake in Patterson-UTI Energy by 635.8% in the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,594 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other 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.