Brokerages Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) PT at $13.13

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned a consensus rating of “Moderate Buy” from the thirteen research firms that are presently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $13.13.

A number of brokerages have recently weighed in on PTEN. Citigroup lowered their price target on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Barclays reduced their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Royal Bank of Canada dropped their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Susquehanna dropped their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research note on Thursday, July 11th. Finally, Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, July 16th.

Patterson-UTI Energy Stock Up 0.4 %

PTEN opened at $8.07 on Tuesday. Patterson-UTI Energy has a 12 month low of $7.45 and a 12 month high of $14.26. The stock’s 50 day moving average price is $8.56 and its 200 day moving average price is $10.04. 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 stock has a market cap of $3.24 billion, a P/E ratio of 11.87 and a beta of 2.12.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results 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 net margin of 2.28% and a return on equity of 4.49%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. As a group, research analysts predict that Patterson-UTI Energy will post 0.28 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.97%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is 47.06%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Somerset Trust Co bought a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $118,000. SG Americas Securities LLC raised its holdings in shares of Patterson-UTI Energy by 218.3% in the 3rd quarter. SG Americas Securities LLC now owns 157,776 shares of the oil and gas company’s stock valued at $1,207,000 after purchasing an additional 108,203 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in shares of Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 3,087 shares during the period. Ashburton Jersey Ltd acquired a new stake in Patterson-UTI Energy during the 2nd quarter valued at $767,000. Finally, Sanctuary Advisors LLC bought a new position in Patterson-UTI Energy during the second quarter worth $486,000. Institutional investors and hedge funds 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.