Patterson-UTI Energy (NASDAQ:PTEN) Downgraded to “Sell” at StockNews.com

StockNews.com downgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a sell rating in a research report report published on Tuesday.

Several other equities research analysts also recently weighed in on PTEN. Piper Sandler cut their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an overweight rating on the stock in a research note on Monday, May 6th. Benchmark reissued a hold rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Susquehanna reissued a positive rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, April 8th. 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 research report on Monday, April 15th. Finally, Evercore ISI dropped their price objective on shares of 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. One research analyst has rated the stock with a sell rating, three 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.com, Patterson-UTI Energy presently has an average rating of Moderate Buy and an average price target of $15.82.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $10.06 on Tuesday. The company’s 50-day moving average is $10.63 and its two-hundred day moving average is $11.02. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of 14.79 and a beta of 2.19. Patterson-UTI Energy has a 1-year low of $9.68 and a 1-year high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same period in the previous year, the firm earned $0.46 EPS. Analysts forecast that Patterson-UTI Energy will post 0.55 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Monday, June 3rd. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the completion of the transaction, the director now owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the stock. Fortitude Family Office LLC grew its holdings in Patterson-UTI Energy by 320.7% in the first 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 during the period. Lindbrook Capital LLC grew its holdings in Patterson-UTI Energy by 66.5% in the first 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 period. Neo Ivy Capital Management purchased a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $40,000. CWM LLC grew its stake in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new stake in Patterson-UTI Energy during the first quarter worth approximately $56,000. 97.91% of the stock is currently 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.