Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Average Rating of “Moderate Buy” by Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) has been given an average recommendation of “Moderate Buy” by the thirteen research firms that are presently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $18.19.

PTEN has been the topic of a number of recent analyst reports. Piper Sandler lowered their target price on shares of Patterson-UTI Energy from $24.00 to $19.00 in a research note on Monday, May 1st. Morgan Stanley lowered their target price on shares of Patterson-UTI Energy from $20.00 to $18.00 in a research note on Tuesday, April 18th. Royal Bank of Canada lowered their target price on shares of Patterson-UTI Energy from $24.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Friday, February 10th. Citigroup lowered their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 in a research note on Friday, May 19th. Finally, Susquehanna decreased their price target on shares of Patterson-UTI Energy from $24.00 to $18.00 in a research note on Monday, April 3rd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Diversified Trust Co raised its position in shares of Patterson-UTI Energy by 1.9% in the 4th quarter. Diversified Trust Co now owns 31,341 shares of the oil and gas company’s stock worth $528,000 after purchasing an additional 594 shares during the last quarter. State of Alaska Department of Revenue raised its position in Patterson-UTI Energy by 0.5% in the 4th quarter. State of Alaska Department of Revenue now owns 150,980 shares of the oil and gas company’s stock worth $2,542,000 after buying an additional 785 shares during the last quarter. Harbor Investment Advisory LLC raised its position in Patterson-UTI Energy by 13.5% in the 4th quarter. Harbor Investment Advisory LLC now owns 6,902 shares of the oil and gas company’s stock worth $116,000 after buying an additional 821 shares during the last quarter. Ronald Blue Trust Inc. raised its position in Patterson-UTI Energy by 65.3% in the 4th quarter. Ronald Blue Trust Inc. now owns 2,205 shares of the oil and gas company’s stock worth $26,000 after buying an additional 871 shares during the last quarter. Finally, Gamco Investors INC. ET AL raised its position in Patterson-UTI Energy by 2.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 40,572 shares of the oil and gas company’s stock worth $628,000 after buying an additional 906 shares during the last quarter. Institutional investors own 96.57% of the company’s stock.

Patterson-UTI Energy Trading Down 0.7 %

Shares of Patterson-UTI Energy stock opened at $10.50 on Friday. Patterson-UTI Energy has a 12-month low of $9.94 and a 12-month high of $20.53. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 8.08, a PEG ratio of 0.17 and a beta of 2.28. The company has a current ratio of 1.60, a quick ratio of 1.47 and a debt-to-equity ratio of 0.49. The company’s 50-day moving average price is $11.32 and its 200-day moving average price is $14.45.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.10. The firm had revenue of $791.80 million for the quarter, compared to the consensus estimate of $757.41 million. Patterson-UTI Energy had a net margin of 9.66% and a return on equity of 16.59%. The company’s revenue for the quarter was up 55.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.13) earnings per share. On average, equities analysts expect that Patterson-UTI Energy will post 1.73 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Wednesday, May 31st. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 24.62%.

Patterson-UTI Energy Company Profile

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Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.