Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $13.13 Average Price Target from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given an average recommendation of “Moderate Buy” by the thirteen analysts that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $12.71.

Several research firms have commented on PTEN. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday. Piper Sandler decreased their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. ATB Capital decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Barclays decreased their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $8.25 on Tuesday. 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 quick ratio of 1.30 and a current ratio of 1.50. The company has a 50-day simple moving average of $8.52 and a two-hundred day simple moving average of $9.96. Patterson-UTI Energy has a one year low of $7.45 and a one year high of $14.26.

Patterson-UTI Energy (NASDAQ:PTEN) last posted 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 company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. Research analysts expect that Patterson-UTI Energy will post 0.28 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

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

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently added to or reduced their stakes in the business. Creative Planning increased its stake in Patterson-UTI Energy by 101.4% in the third quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock valued at $996,000 after purchasing an additional 65,570 shares during the last quarter. Viking Fund Management LLC increased its stake in Patterson-UTI Energy by 10.0% during the third quarter. Viking Fund Management LLC now owns 110,000 shares of the oil and gas company’s stock worth $842,000 after acquiring an additional 10,000 shares during the last quarter. Somerset Trust Co purchased a new stake in shares of Patterson-UTI Energy in the third quarter worth about $118,000. SG Americas Securities LLC boosted its position in shares of Patterson-UTI Energy by 218.3% in the third quarter. SG Americas Securities LLC now owns 157,776 shares of the oil and gas company’s stock worth $1,207,000 after buying an additional 108,203 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of Patterson-UTI Energy by 250.4% in the third 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. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.