Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $11.00 at ATB Capital

Patterson-UTI Energy (NASDAQ:PTEN) had its target price trimmed by ATB Capital from $12.00 to $11.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the oil and gas company’s stock.

PTEN has been the subject of several other reports. Piper Sandler reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an overweight rating for the company in a research report on Monday, July 15th. Susquehanna decreased their price target on 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. Royal Bank of Canada lowered their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an outperform rating on the stock in a report on Friday, July 26th. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating for the company in a research note on Tuesday, July 16th. Finally, StockNews.com cut shares of Patterson-UTI Energy from a hold rating to a sell rating in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy presently has an average rating of Moderate Buy and a consensus price target of $14.29.

Patterson-UTI Energy Trading Down 1.6 %

Shares of Patterson-UTI Energy stock opened at $8.20 on Wednesday. The stock has a market capitalization of $3.29 billion, a P/E ratio of 12.06 and a beta of 2.13. Patterson-UTI Energy has a 52-week low of $8.15 and a 52-week high of $16.17. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The stock’s 50-day simple moving average is $9.61 and its 200 day simple moving average is $10.63.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. As a group, research analysts anticipate that Patterson-UTI Energy will post 0.33 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.90%. Patterson-UTI Energy’s payout ratio is 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently modified their holdings of PTEN. BNP Paribas Financial Markets lifted its position in Patterson-UTI Energy by 92.1% in the 4th quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock worth $9,809,000 after buying an additional 435,490 shares during the last quarter. Pingora Partners LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $245,000. CANADA LIFE ASSURANCE Co boosted 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. Edmond DE Rothschild Holding S.A. grew its holdings in shares of Patterson-UTI Energy by 37.8% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,350,000 shares of the oil and gas company’s stock valued at $14,580,000 after purchasing an additional 370,000 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after purchasing an additional 1,554,020 shares during the period. 97.91% of the stock is currently owned by hedge funds and other 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.