Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $10.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price trimmed by Susquehanna from $13.00 to $10.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a positive rating on the oil and gas company’s stock.

Other analysts also recently issued research reports about the stock. Citigroup dropped their target price on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a buy rating for the company in a research report on Friday, September 13th. Bank of America dropped 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. Stifel Nicolaus decreased 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 research report on Tuesday, July 16th. ATB Capital lowered their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an outperform rating for the company in a report on Wednesday, September 4th. Finally, Piper Sandler reduced their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an overweight rating on the stock in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of Moderate Buy and an average price target of $12.71.

Patterson-UTI Energy Stock Up 2.7 %

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

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. On average, analysts anticipate that Patterson-UTI Energy will post 0.28 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co raised its stake in shares of Patterson-UTI Energy by 25.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock valued at $5,931,000 after purchasing an additional 100,626 shares in the last quarter. Vanguard Group Inc. raised its stake in Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after buying an additional 1,554,020 shares in the last quarter. UniSuper Management Pty Ltd acquired a new position in shares of Patterson-UTI Energy in the 1st quarter worth approximately $990,000. Natixis bought a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $617,000. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Patterson-UTI Energy by 6.4% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock valued at $33,791,000 after acquiring an additional 197,555 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.