Citigroup Trims Patterson-UTI Energy (NASDAQ:PTEN) Target Price to $11.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective decreased by Citigroup from $12.50 to $11.00 in a research report report published on Friday, Benzinga reports. Citigroup currently has a buy rating on the oil and gas company’s stock.

A number of other analysts have also recently issued reports on the stock. Royal Bank of Canada reduced 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. Susquehanna decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a positive rating for the company in a report on Thursday, July 11th. Barclays lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an overweight rating on the stock in a research report on Friday, August 16th. ATB Capital cut their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an outperform rating on the stock in a report on Wednesday, September 4th. Finally, StockNews.com lowered Patterson-UTI Energy from a hold rating to a sell rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of Moderate Buy and an average target price of $13.71.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $7.91 on Friday. The stock has a market cap of $3.11 billion, a PE ratio of 11.63 and a beta of 2.13. The business has a fifty day simple moving average of $9.39 and a 200-day simple moving average of $10.49. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. Patterson-UTI Energy has a 12 month low of $7.60 and a 12 month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.04). The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. On average, sell-side analysts anticipate that Patterson-UTI Energy will post 0.3 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the company. Fortitude Family Office LLC grew its position in Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC grew its position in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,307 shares in the last quarter. Lindbrook Capital LLC grew its position in Patterson-UTI Energy by 66.5% during the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after buying an additional 1,332 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Patterson-UTI Energy during the fourth quarter worth about $40,000. Finally, CWM LLC grew its position 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 in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

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.