Patterson-UTI Energy (NASDAQ:PTEN) Price Target Lowered to $14.00 at Stifel Nicolaus

Patterson-UTI Energy (NASDAQ:PTEN) had its target price reduced by Stifel Nicolaus from $15.00 to $14.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

PTEN has been the subject of a number of other reports. Citigroup cut their price objective on Patterson-UTI Energy from $12.50 to $11.00 and set a buy rating for the company in a report on Friday, September 13th. 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 note on Friday, July 26th. Barclays cut their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an overweight rating for the company in a research note on Friday, August 16th. StockNews.com upgraded Patterson-UTI Energy from a sell rating to a hold rating in a research report on Friday, October 4th. Finally, Bank of America cut their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating for the company in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of Moderate Buy and a consensus target price of $12.71.

Patterson-UTI Energy Trading Up 2.7 %

Shares of PTEN stock opened at $8.29 on Friday. The firm has a fifty day moving average of $8.53 and a 200-day moving average of $9.99. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 12.19 and a beta of 2.12. Patterson-UTI Energy has a 52-week low of $7.45 and a 52-week high of $14.26. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results 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 business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. On average, equities research analysts forecast that Patterson-UTI Energy will post 0.28 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently bought and sold shares of PTEN. Neo Ivy Capital Management bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $40,000. Vanguard Group Inc. increased its holdings in Patterson-UTI Energy by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after purchasing an additional 1,847,468 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Patterson-UTI Energy in the fourth quarter valued at about $426,000. CWM LLC boosted its holdings in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares during the last quarter. Finally, Fortitude Family Office LLC grew its position in shares of Patterson-UTI Energy by 320.7% during the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,594 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.