Patterson-UTI Energy (NASDAQ:PTEN) Price Target Lowered to $10.00 at Susquehanna

Patterson-UTI Energy (NASDAQ:PTEN) had its price target trimmed by Susquehanna from $13.00 to $10.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a positive rating on the oil and gas company’s stock.

PTEN has been the topic of several other research reports. Barclays reduced their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an overweight rating on the stock in a research note on Friday, August 16th. Bank of America reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating on the stock in a research note on Monday, July 15th. Citigroup reduced their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a buy rating on the stock in a research note on Friday, September 13th. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating on the stock in a research note on Tuesday, July 16th. Finally, StockNews.com raised shares of Patterson-UTI Energy from a sell rating to a hold rating in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $12.71.

Patterson-UTI Energy Stock Down 0.5 %

Shares of NASDAQ PTEN opened at $8.25 on Friday. Patterson-UTI Energy has a 12-month low of $7.45 and a 12-month high of $14.26. The company has a market capitalization of $3.31 billion, a PE ratio of 12.13 and a beta of 2.12. 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 firm’s 50-day moving average is $8.52 and its two-hundred day moving average is $9.96.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. Equities analysts anticipate that Patterson-UTI Energy will post 0.28 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

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

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the business. Fortitude Family Office LLC increased its stake in Patterson-UTI Energy by 320.7% during the 1st 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 during the period. Hexagon Capital Partners LLC increased its stake in 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 worth $25,000 after buying an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in 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 buying an additional 3,087 shares during the period. Neo Ivy Capital Management acquired a new position in Patterson-UTI Energy during the 4th quarter worth $40,000. Finally, CWM LLC grew its holdings in Patterson-UTI Energy by 28.5% during the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after acquiring an additional 893 shares in the last quarter. Hedge funds and other 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.