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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has earned an average rating of “Moderate Buy” from the eleven research firms that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $9.82.

Several research analysts recently commented on PTEN shares. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, April 14th. Morgan Stanley cut their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Friday, May 16th. Barclays decreased their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Citigroup restated a “neutral” rating and set a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday. Finally, Stifel Nicolaus lowered their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $5.84 on Wednesday. The business has a 50-day simple moving average of $6.60 and a 200 day simple moving average of $7.68. Patterson-UTI Energy has a one year low of $5.12 and a one year high of $11.68. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of -2.36 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the company posted $0.15 earnings per share. The company’s quarterly revenue was down 15.2% on a year-over-year basis. On average, research analysts anticipate that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 5.48%. Patterson-UTI Energy’s dividend payout ratio is currently -12.31%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. The trade was a 1.02% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, the director now directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. The trade was a 36.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several hedge funds have recently made changes to their positions in PTEN. Bayforest Capital Ltd increased its holdings in shares of Patterson-UTI Energy by 416.3% in the first quarter. Bayforest Capital Ltd now owns 126,477 shares of the oil and gas company’s stock valued at $1,040,000 after buying an additional 101,980 shares in the last quarter. SCS Capital Management LLC bought a new position in shares of Patterson-UTI Energy in the first quarter valued at approximately $801,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Patterson-UTI Energy by 3.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after purchasing an additional 30,217 shares during the period. United Services Automobile Association acquired a new position in shares of Patterson-UTI Energy during the first quarter valued at about $176,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after purchasing an additional 220,422 shares in 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, 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.