Susquehanna Trims Patterson-UTI Energy (NASDAQ:PTEN) Target Price to $16.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price reduced by Susquehanna from $18.00 to $16.00 in a report issued on Thursday morning, Benzinga reports. Susquehanna currently has a positive rating on the oil and gas company’s stock.

A number of other analysts also recently issued reports on the company. StockNews.com downgraded Patterson-UTI Energy from a buy rating to a hold rating in a research report on Wednesday, October 25th. Royal Bank of Canada reaffirmed an outperform rating and issued a $19.00 target price on shares of Patterson-UTI Energy in a research report on Wednesday, September 6th. Stifel Nicolaus initiated coverage on Patterson-UTI Energy in a research report on Tuesday, September 5th. They set a buy rating and a $19.00 price target on the stock. TheStreet raised Patterson-UTI Energy from a c+ rating to a b- rating in a research report on Thursday, October 26th. Finally, Piper Sandler boosted their price target on Patterson-UTI Energy from $17.00 to $19.00 and gave the stock an overweight rating in a research report on Monday, July 31st. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of Moderate Buy and an average target price of $17.30.

Patterson-UTI Energy Stock Performance

PTEN opened at $12.20 on Thursday. The business’s 50-day moving average price is $13.77 and its two-hundred day moving average price is $13.05. Patterson-UTI Energy has a 1 year low of $9.70 and a 1 year high of $19.81. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 9.24, a P/E/G ratio of 0.15 and a beta of 2.41. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.76 and a quick ratio of 1.61.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Tuesday, November 7th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $978.20 million. Patterson-UTI Energy had a net margin of 8.49% and a return on equity of 20.70%. During the same period in the prior year, the business earned $0.28 EPS. Equities analysts expect that Patterson-UTI Energy will post 1.46 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Thursday, November 30th. Patterson-UTI Energy’s payout ratio is presently 24.24%.

Insider Transactions at Patterson-UTI Energy

In other news, insider James Michael Holcomb sold 11,816 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $15.95, for a total transaction of $188,465.20. Following the completion of the transaction, the insider now directly owns 376,109 shares in the company, valued at $5,998,938.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider James Michael Holcomb sold 11,816 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $15.95, for a total transaction of $188,465.20. Following the completion of the transaction, the insider now directly owns 376,109 shares in the company, valued at $5,998,938.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Charles Andrew Smith sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $15.90, for a total transaction of $159,000.00. Following the transaction, the chief financial officer now owns 514,413 shares of the company’s stock, valued at $8,179,166.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 131,816 shares of company stock worth $2,091,465. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the company. Capital Advisors Ltd. LLC bought a new position in shares of Patterson-UTI Energy during the 3rd quarter worth about $25,000. Arcadia Investment Management Corp MI boosted its stake in Patterson-UTI Energy by 1,000.0% during the 1st quarter. Arcadia Investment Management Corp MI now owns 2,200 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 2,000 shares during the last quarter. Quarry LP boosted its stake in Patterson-UTI Energy by 157.2% during the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 1,714 shares during the last quarter. CWM LLC boosted its stake in Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 791 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its stake in Patterson-UTI Energy by 350.7% during the 3rd quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock valued at $45,000 after purchasing an additional 2,539 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, provides contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.