Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $11.00 at Raymond James

Patterson-UTI Energy (NASDAQ:PTEN - Free Report) had its price target decreased by Raymond James from $12.00 to $11.00 in a research note released on Friday morning, Benzinga reports. Raymond James currently has a strong-buy rating on the oil and gas company's stock.

A number of other research firms also recently commented on PTEN. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating for the company in a report on Friday, October 11th. 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 research note on Monday, July 15th. StockNews.com downgraded Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. Piper Sandler dropped their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a report on Monday, July 15th. Finally, Morgan Stanley decreased their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $11.96.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded up $0.20 during mid-day trading on Friday, hitting $8.17. The company had a trading volume of 11,776,442 shares, compared to its average volume of 7,090,941. Patterson-UTI Energy has a 12 month low of $7.45 and a 12 month high of $13.29. The firm has a market cap of $3.21 billion, a P/E ratio of 26.00 and a beta of 2.12. The business's 50-day simple moving average is $8.37 and its 200-day simple moving average is $9.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.04). The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. As a group, analysts predict that Patterson-UTI Energy will post 0.18 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio is presently 103.23%.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently modified their holdings of the stock. Bernzott Capital Advisors lifted its holdings in Patterson-UTI Energy by 26.8% during the 3rd quarter. Bernzott Capital Advisors now owns 845,639 shares of the oil and gas company's stock worth $6,469,000 after buying an additional 178,703 shares in the last quarter. Canoe Financial LP raised its position in shares of Patterson-UTI Energy by 15,942.1% during the third quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company's stock worth $11,850,000 after acquiring an additional 1,514,500 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in shares of Patterson-UTI Energy by 12.4% during the third quarter. State of Alaska Department of Revenue now owns 204,108 shares of the oil and gas company's stock valued at $1,561,000 after acquiring an additional 22,506 shares during the period. Clear Harbor Asset Management LLC boosted its holdings in Patterson-UTI Energy by 8.2% in the third quarter. Clear Harbor Asset Management LLC now owns 73,917 shares of the oil and gas company's stock valued at $565,000 after acquiring an additional 5,622 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Patterson-UTI Energy by 47.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company's stock valued at $75,000 after acquiring an additional 3,221 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

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.