Patterson-UTI Energy (NASDAQ:PTEN) Sets New 12-Month Low at $8.11

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) hit a new 52-week low on Monday . The company traded as low as $8.11 and last traded at $8.18, with a volume of 234134 shares changing hands. The stock had previously closed at $8.20.

Analyst Upgrades and Downgrades

PTEN has been the topic of several recent research reports. Royal Bank of Canada decreased their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating on the stock in a research report on Friday, July 26th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, July 16th. Piper Sandler cut their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Monday, July 15th. Barclays lowered their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Friday, August 16th. Finally, ATB Capital reduced their price objective 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. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.29.

Patterson-UTI Energy Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The company's 50-day moving average is $9.57 and its 200-day moving average is $10.60. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 11.96 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. On average, research analysts expect that Patterson-UTI Energy, Inc. will post 0.32 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy's dividend payout ratio is currently 47.06%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. raised its position in Patterson-UTI Energy by 7.3% in the fourth quarter. Victory Capital Management Inc. now owns 87,339 shares of the oil and gas company's stock valued at $943,000 after purchasing an additional 5,915 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Patterson-UTI Energy by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company's stock worth $51,677,000 after acquiring an additional 177,428 shares during the period. Teacher Retirement System of Texas grew its position in Patterson-UTI Energy by 11.3% in the fourth quarter. Teacher Retirement System of Texas now owns 43,546 shares of the oil and gas company's stock valued at $470,000 after acquiring an additional 4,407 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Patterson-UTI Energy by 92.1% during the fourth quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company's stock valued at $9,809,000 after purchasing an additional 435,490 shares during the period. Finally, Jump Financial LLC lifted its position in shares of Patterson-UTI Energy by 17.9% during the fourth quarter. Jump Financial LLC now owns 73,392 shares of the oil and gas company's stock worth $793,000 after purchasing an additional 11,157 shares in the last quarter. Hedge funds and other 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.