Patterson-UTI Energy’s (PTEN) “Hold” Rating Reiterated at Benchmark

Benchmark restated their hold rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report sent to investors on Monday, Benzinga reports.

Several other brokerages have also recently commented on PTEN. Royal Bank of Canada decreased 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 note on Friday, February 16th. StockNews.com downgraded Patterson-UTI Energy from a hold rating to a sell rating in a research report on Tuesday, April 2nd. Piper Sandler lowered their target price on Patterson-UTI Energy from $17.00 to $14.00 and set an overweight rating for the company in a research report on Monday. Susquehanna restated a positive rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Finally, Evercore ISI lowered their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating for the company in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $15.67.

Patterson-UTI Energy Stock Performance

PTEN opened at $11.16 on Monday. The firm has a market cap of $4.50 billion, a P/E ratio of 16.41, a PEG ratio of 1.57 and a beta of 2.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The company has a 50 day simple moving average of $11.58 and a two-hundred day simple moving average of $11.42. Patterson-UTI Energy has a 1-year low of $9.70 and a 1-year high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter last year, the business posted $0.46 earnings per share. Equities analysts forecast that Patterson-UTI Energy will post 0.59 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 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 2.87%. The ex-dividend date of this dividend is Monday, June 3rd. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Insiders Place Their Bets

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 transaction of $2,204,254.68. Following the completion of the sale, the director now 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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently modified their holdings of PTEN. CWM LLC lifted its holdings in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares during the period. Commerce Bank raised its holdings in Patterson-UTI Energy by 4.7% in the fourth quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock worth $284,000 after purchasing an additional 1,186 shares in the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 1,332 shares in the last quarter. Clarus Group Inc. grew its position in shares of Patterson-UTI Energy by 3.4% in the 4th quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company’s stock worth $498,000 after buying an additional 1,500 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Patterson-UTI Energy by 1.5% during the fourth quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock valued at $1,074,000 after acquiring an additional 1,506 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.