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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) have been assigned an average rating of "Moderate Buy" from the thirteen ratings firms that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $14.29.

Several equities research analysts have issued reports on PTEN shares. Royal Bank of Canada lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating on the stock in a research note on Friday, July 26th. Piper Sandler reduced their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Monday, July 15th. Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, July 16th. Bank of America cut their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a report on Monday, July 15th. Finally, StockNews.com cut Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Monday, August 5th.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock remained flat at $7.91 on Friday. The company had a trading volume of 4,573,320 shares, compared to its average volume of 6,829,513. The firm has a market cap of $3.11 billion, a P/E ratio of 11.56 and a beta of 2.13. Patterson-UTI Energy has a 1 year low of $7.60 and a 1 year high of $16.17. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The firm's 50-day moving average is $9.43 and its two-hundred day moving average is $10.53.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). The business had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. As a group, analysts forecast that Patterson-UTI Energy will post 0.3 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.05%. The ex-dividend date is Tuesday, September 3rd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. Victory Capital Management Inc. lifted its position in shares of Patterson-UTI Energy by 7.3% during the 4th quarter. Victory Capital Management Inc. now owns 87,339 shares of the oil and gas company's stock worth $943,000 after buying an additional 5,915 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Patterson-UTI Energy by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company's stock valued at $51,677,000 after acquiring an additional 177,428 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Patterson-UTI Energy by 11.3% during the fourth quarter. Teacher Retirement System of Texas now owns 43,546 shares of the oil and gas company's stock worth $470,000 after purchasing an additional 4,407 shares during the last quarter. BNP Paribas Financial Markets increased its position 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 worth $9,809,000 after purchasing an additional 435,490 shares in the last quarter. Finally, Jump Financial LLC lifted its holdings in shares of Patterson-UTI Energy by 17.9% in the 4th quarter. Jump Financial LLC now owns 73,392 shares of the oil and gas company's stock valued at $793,000 after purchasing an additional 11,157 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.