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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned an average rating of “Moderate Buy” from the thirteen research firms that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $16.17.

PTEN has been the topic of several recent research reports. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Royal Bank of Canada dropped their price target on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Susquehanna restated a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Evercore ISI dropped their price target on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 20th. Finally, Benchmark downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th.

Patterson-UTI Energy Trading Down 1.5 %

Shares of NASDAQ:PTEN opened at $11.34 on Tuesday. The company has a market cap of $4.57 billion, a PE ratio of 11.23, a P/E/G ratio of 1.66 and a beta of 2.22. The company’s 50-day moving average price is $11.71 and its 200 day moving average price is $11.62. Patterson-UTI Energy has a fifty-two week low of $9.70 and a fifty-two week high of $16.17. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.50 billion. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. Sell-side analysts anticipate that Patterson-UTI Energy will post 0.6 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 31.68%.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the transaction, the director now directly owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. Farther Finance Advisors LLC grew its position in Patterson-UTI Energy by 100.0% during the second quarter. Farther Finance Advisors LLC now owns 4,000 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 2,000 shares in the last quarter. CWM LLC grew its position in Patterson-UTI Energy by 40.9% during the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 791 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in Patterson-UTI Energy in the third quarter valued at approximately $3,926,000. SG Americas Securities LLC acquired a new stake in Patterson-UTI Energy in the third quarter valued at approximately $128,000. Finally, Rothschild Investment LLC IL acquired a new stake in Patterson-UTI Energy in the third quarter valued at approximately $447,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.