Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $12.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective decreased by Barclays from $14.00 to $12.00 in a report issued on Wednesday morning, Benzinga reports. Barclays currently has an overweight rating on the oil and gas company’s stock.

Other equities analysts also recently issued research reports about the stock. ATB Capital cut their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Susquehanna cut their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research note on Friday, October 11th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Bank of America cut their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. Finally, Citigroup lowered their price target on 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $12.54.

Patterson-UTI Energy Trading Up 0.1 %

NASDAQ:PTEN opened at $7.98 on Wednesday. The firm has a 50 day moving average of $8.45 and a 200 day moving average of $9.87. 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 52 week low of $7.45 and a 52 week high of $14.26. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of 25.74 and a beta of 2.12.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share 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 business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. As a group, sell-side analysts anticipate that Patterson-UTI Energy will post 0.22 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.01%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is currently 103.23%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in PTEN. CWM LLC boosted its holdings 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. InTrack Investment Management Inc boosted its stake in shares of Patterson-UTI Energy by 3.2% during the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock worth $341,000 after acquiring an additional 1,037 shares in the last quarter. Hexagon Capital Partners LLC grew its position in shares of Patterson-UTI Energy by 119.5% during the 2nd 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 period. Fortitude Family Office LLC increased its stake 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 purchasing an additional 1,594 shares in the last quarter. Finally, Sage Rhino Capital LLC raised its holdings in Patterson-UTI Energy by 15.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after purchasing an additional 1,724 shares during the period. 97.91% of the stock is 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.