Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $14.29 Consensus PT from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given a consensus rating of “Moderate Buy” by the thirteen ratings firms that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $13.71.

A number of brokerages recently weighed in on PTEN. Royal Bank of Canada cut their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Stifel Nicolaus decreased their price target on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 5th. Bank of America decreased their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. Finally, ATB Capital dropped their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th.

Patterson-UTI Energy Price Performance

PTEN opened at $7.91 on Friday. The company has a fifty day moving average price of $9.39 and a two-hundred day moving average price of $10.49. The firm has a market capitalization of $3.11 billion, a PE ratio of 11.63 and a beta of 2.13. Patterson-UTI Energy has a 52 week low of $7.60 and a 52 week high of $16.17. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. As a group, analysts anticipate that Patterson-UTI Energy will post 0.3 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after buying an additional 1,554,020 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in Patterson-UTI Energy in the second quarter valued at $152,265,000. Allspring Global Investments Holdings LLC grew its position in shares of Patterson-UTI Energy by 10.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company’s stock valued at $87,208,000 after acquiring an additional 703,536 shares during the period. Deprince Race & Zollo Inc. increased its stake in shares of Patterson-UTI Energy by 14.7% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after purchasing an additional 778,581 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after purchasing an additional 2,191,330 shares during the last quarter. 97.91% of the stock is currently 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.