Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given a consensus recommendation of “Moderate Buy” by the thirteen analysts that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $14.29.

PTEN has been the topic of a number of recent analyst reports. Royal Bank of Canada reduced their price objective on 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. ATB Capital reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Barclays lowered their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Susquehanna reduced their target price 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, Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, July 16th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its stake in Patterson-UTI Energy by 7.3% in the fourth quarter. Victory Capital Management Inc. now owns 87,339 shares of the oil and gas company’s stock valued at $943,000 after acquiring an additional 5,915 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Patterson-UTI Energy by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company’s stock worth $51,677,000 after purchasing an additional 177,428 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Patterson-UTI Energy by 11.3% during the 4th quarter. Teacher Retirement System of Texas now owns 43,546 shares of the oil and gas company’s stock worth $470,000 after buying an additional 4,407 shares during the period. BNP Paribas Financial Markets lifted its stake in Patterson-UTI Energy by 92.1% in the fourth quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock valued at $9,809,000 after buying an additional 435,490 shares in the last quarter. Finally, Jump Financial LLC boosted its holdings in shares of Patterson-UTI Energy by 17.9% in the fourth quarter. Jump Financial LLC now owns 73,392 shares of the oil and gas company’s stock valued at $793,000 after buying an additional 11,157 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 1.0 %

Shares of Patterson-UTI Energy stock opened at $7.91 on Friday. Patterson-UTI Energy has a 12-month low of $7.60 and a 12-month high of $16.17. The stock has a market capitalization of $3.18 billion, a P/E ratio of 11.63 and a beta of 2.13. The company has a 50-day simple moving average of $9.43 and a 200 day simple moving average of $10.53. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27.

Patterson-UTI Energy (NASDAQ:PTEN) last posted 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%. Research analysts expect that Patterson-UTI Energy will post 0.32 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 47.06%.

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.