Brokerages Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) PT at $7.80

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given a consensus rating of “Hold” by the twelve brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $7.80.

Several equities analysts recently issued reports on PTEN shares. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, July 25th. Piper Sandler started coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a “neutral” rating and a $7.00 target price for the company. Royal Bank Of Canada lowered their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an “outperform” rating for the company in a research note on Friday, July 25th. Barclays reissued an “equal weight” rating and set a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Patterson-UTI Energy in a research note on Wednesday, October 8th.

Patterson-UTI Energy Price Performance

PTEN opened at $5.77 on Friday. The stock’s 50-day moving average price is $5.57 and its 200 day moving average price is $5.83. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $9.57. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -2.09 and a beta of 1.23.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.The firm had revenue of $191.70 million for the quarter. As a group, sell-side analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend was Tuesday, September 2nd. Patterson-UTI Energy’s payout ratio is presently -11.59%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State of Wyoming acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth about $54,000. Blue Trust Inc. boosted its position in shares of Patterson-UTI Energy by 42.9% during the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company’s stock worth $59,000 after acquiring an additional 2,153 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Patterson-UTI Energy by 41.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after acquiring an additional 2,323 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 7,171 shares in the last quarter. Finally, Hodges Capital Management Inc. acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth about $82,000. 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.