Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received a consensus rating of “Moderate Buy” from the twelve research firms that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $15.82.

PTEN has been the subject of several recent analyst reports. Benchmark reaffirmed a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Friday, June 21st. Piper Sandler decreased their target price on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. Evercore ISI dropped their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Finally, Bank of America reduced their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, April 15th.

Patterson-UTI Energy Stock Up 2.0 %

PTEN stock opened at $10.36 on Friday. The company has a market cap of $4.16 billion, a price-to-earnings ratio of 15.24 and a beta of 2.18. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.28 and a current ratio of 1.48. The business’s 50-day moving average is $10.68 and its two-hundred day moving average is $11.03. Patterson-UTI Energy has a fifty-two week low of $9.68 and a fifty-two week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter last year, the firm posted $0.46 earnings per share. As a group, analysts forecast that Patterson-UTI Energy will post 0.55 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is 47.06%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $11.55, for a total value of $1,732,500.00. Following the sale, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently made changes to their positions in PTEN. CWM LLC raised its stake in Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares in the last quarter. Commerce Bank raised its position in shares of Patterson-UTI Energy by 4.7% in the 4th quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock worth $284,000 after acquiring an additional 1,186 shares in the last quarter. Lindbrook Capital LLC lifted its stake in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares during the last quarter. Clarus Group Inc. boosted its position in Patterson-UTI Energy by 3.4% during the fourth quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company’s stock valued at $498,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in Patterson-UTI Energy by 1.5% in the fourth quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock valued at $1,074,000 after purchasing an additional 1,506 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.