Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $11.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective reduced by Citigroup from $12.50 to $11.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

Other equities research analysts have also issued research reports about the stock. Barclays cut their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an overweight rating on the stock in a research note on Friday, August 16th. Bank of America cut their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating on the stock in a research note on Monday, July 15th. Piper Sandler decreased their target price 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. Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating on the stock in a research note on Tuesday, July 16th. Finally, ATB Capital lowered their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an outperform rating for the company in a research note on Wednesday, September 4th. 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of Moderate Buy and an average price target of $13.13.

Patterson-UTI Energy Trading Up 2.8 %

Shares of PTEN opened at $8.13 on Friday. Patterson-UTI Energy has a one year low of $7.60 and a one year high of $15.97. The stock has a 50-day moving average price of $9.36 and a 200 day moving average price of $10.47. 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 company has a market capitalization of $3.27 billion, a P/E ratio of 11.96 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly 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 company 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%. Sell-side analysts forecast that Patterson-UTI Energy will post 0.3 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently made changes to their positions in PTEN. BNP Paribas Financial Markets lifted its stake in shares of 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 acquiring an additional 435,490 shares during the period. Pingora Partners LLC acquired a new stake in Patterson-UTI Energy in the fourth quarter worth approximately $245,000. CANADA LIFE ASSURANCE Co boosted its stake in Patterson-UTI Energy by 25.4% during 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. increased its position 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 period. Finally, Vanguard Group Inc. raised its stake in shares of 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 buying an additional 1,554,020 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.