Patterson-UTI Energy (NASDAQ:PTEN) Downgraded to “Sell” at StockNews.com

StockNews.com cut shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

Other equities analysts also recently issued reports about the company. Benchmark restated a hold rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Evercore ISI dropped their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating on the stock in a research note on Friday, May 3rd. Bank of America dropped their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a buy rating on the stock in a research note on Monday, April 15th. Piper Sandler lowered their target price on Patterson-UTI Energy from $17.00 to $14.00 and set an overweight rating on the stock in a research report on Monday, May 6th. Finally, Susquehanna reiterated a positive rating and set a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $15.82.

Patterson-UTI Energy Stock Down 0.3 %

Patterson-UTI Energy stock opened at $10.06 on Tuesday. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 14.79 and a beta of 2.19. The stock has a fifty day simple moving average of $10.63 and a two-hundred day simple moving average of $11.02. Patterson-UTI Energy has a 12 month low of $9.68 and a 12 month high of $16.17. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. During the same quarter last year, the company earned $0.46 EPS. Equities analysts predict that Patterson-UTI Energy will post 0.55 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a dividend of $0.08 per share. The ex-dividend date was Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 3.18%. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the sale, the director now directly owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Patterson-UTI Energy

Large investors have recently modified their holdings of the company. Boston Partners lifted its holdings in Patterson-UTI Energy by 8.4% during the first quarter. Boston Partners now owns 1,915,224 shares of the oil and gas company’s stock worth $22,679,000 after buying an additional 148,521 shares during the period. Verity Asset Management Inc. lifted its holdings in Patterson-UTI Energy by 44.2% during the first quarter. Verity Asset Management Inc. now owns 54,367 shares of the oil and gas company’s stock worth $649,000 after buying an additional 16,665 shares during the period. EMC Capital Management acquired a new position in shares of Patterson-UTI Energy during the first quarter worth $262,000. Webs Creek Capital Management LP acquired a new position in shares of Patterson-UTI Energy during the first quarter worth $24,116,000. Finally, KLCM Advisors Inc. acquired a new position in shares of Patterson-UTI Energy during the first quarter worth $9,609,000. 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.