Stifel Nicolaus Lowers Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $14.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price reduced by Stifel Nicolaus from $15.00 to $14.00 in a research report released on Friday morning, Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

A number of other equities analysts have also recently commented on PTEN. Citigroup reduced their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a buy rating for the company in a research report on Friday, September 13th. Royal Bank of Canada dropped their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an outperform rating for the company in a report on Friday, July 26th. Barclays dropped their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an overweight rating for the company in a report on Friday, August 16th. Morgan Stanley dropped their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an equal weight rating for the company in a report on Monday, September 16th. Finally, Bank of America dropped their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating for the company in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $12.71.

Patterson-UTI Energy Trading Down 0.5 %

PTEN stock opened at $8.25 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The company has a fifty day moving average price of $8.52 and a two-hundred day moving average price of $9.96. Patterson-UTI Energy has a one year low of $7.45 and a one year high of $14.26. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 12.13 and a beta of 2.12.

Patterson-UTI Energy (NASDAQ:PTEN) last released 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 the consensus estimate of $1.41 billion. Equities analysts anticipate that Patterson-UTI Energy will post 0.28 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fortitude Family Office LLC grew its position 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 acquiring an additional 1,594 shares during the last quarter. Hexagon Capital Partners LLC grew its position in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,307 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its position in Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 3,087 shares during the last quarter. Neo Ivy Capital Management bought a new position in Patterson-UTI Energy in the fourth quarter valued at about $40,000. Finally, CWM LLC grew its position in Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after acquiring an additional 893 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

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.