Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Consensus Rating of “Moderate Buy” by Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned an average rating of “Moderate Buy” from the twelve research firms that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $14.59.

A number of research firms have recently commented on PTEN. Bank of America cut their price objective on shares of 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. Benchmark reaffirmed a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Evercore ISI decreased their target price on shares of 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. Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research report on Thursday, July 11th. Finally, Royal Bank of Canada reduced 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 report on Friday, July 26th.

Patterson-UTI Energy Trading Up 1.1 %

PTEN opened at $9.13 on Monday. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of 13.43 and a beta of 2.18. Patterson-UTI Energy has a fifty-two week low of $8.64 and a fifty-two week high of $16.17. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The company’s 50 day moving average price is $9.95 and its two-hundred day moving average price is $10.83.

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 net margin of 2.28% and a return on equity of 4.49%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. As a group, research analysts predict that Patterson-UTI Energy will post 0.33 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is 47.06%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently made changes to their positions in PTEN. Pacer Advisors Inc. bought a new position in Patterson-UTI Energy in the 2nd quarter worth approximately $152,265,000. Ninepoint Partners LP bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at approximately $51,800,000. Norges Bank bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $44,911,000. Balyasny Asset Management L.P. bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $44,872,000. Finally, American Century Companies Inc. boosted its position in shares of Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after acquiring an additional 2,191,330 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.