Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $15.82 Average Target Price from Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned an average rating of “Moderate Buy” from the twelve research firms that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $15.82.

Several equities research analysts have issued reports on the stock. Piper Sandler decreased their price objective on shares of 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. Bank of America decreased their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research report on Monday, April 15th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday. Benchmark reiterated a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Finally, Evercore ISI reduced their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the director now directly owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by company insiders.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Fortitude Family Office LLC boosted its holdings 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 buying an additional 1,594 shares during the period. Lindbrook Capital LLC grew its position in Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares during the last quarter. Neo Ivy Capital Management bought a new position in Patterson-UTI Energy in the 4th quarter worth about $40,000. CWM LLC grew its position in Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares during the last quarter. Finally, Fidelis Capital Partners LLC bought a new position in Patterson-UTI Energy in the 1st quarter worth about $56,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Down 0.3 %

PTEN stock opened at $10.06 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26. The company has a market cap of $4.04 billion, a price-to-earnings ratio of 14.79 and a beta of 2.19. The business has a fifty day simple moving average of $10.63 and a 200-day simple moving average of $11.02. Patterson-UTI Energy has a 52 week low of $9.68 and a 52 week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last announced 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. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. During the same period in the prior year, the firm posted $0.46 earnings per share. On average, equities research analysts expect that Patterson-UTI Energy will post 0.55 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a $0.08 dividend. The ex-dividend date was Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 3.18%. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

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.