Piper Sandler Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $14.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective reduced by Piper Sandler from $17.00 to $14.00 in a research note released on Monday, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and gas company’s stock.

Several other equities analysts also recently commented on PTEN. Susquehanna reiterated a positive rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research note on Monday, April 8th. StockNews.com cut Patterson-UTI Energy from a hold rating to a sell rating in a research note on Tuesday, April 2nd. Evercore ISI reduced their target price on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating for the company in a research note on Friday, May 3rd. Bank of America lowered their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a buy rating on the stock in a research report on Monday, April 15th. Finally, Raymond James cut their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a report on Friday, February 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $15.67.

Patterson-UTI Energy Trading Up 3.6 %

Shares of Patterson-UTI Energy stock opened at $11.16 on Monday. The firm has a market cap of $4.50 billion, a PE ratio of 16.41, a P/E/G ratio of 1.57 and a beta of 2.23. Patterson-UTI Energy has a 1 year low of $9.70 and a 1 year high of $16.17. 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 stock has a fifty day moving average price of $11.58 and a 200-day moving average price of $11.42.

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

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a $0.08 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 2.87%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by insiders.

Institutional Trading of Patterson-UTI Energy

Several institutional investors have recently added to or reduced their stakes in PTEN. Blackstone Inc. bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at about $483,016,000. Vanguard Group Inc. grew its holdings in shares of Patterson-UTI Energy by 74.9% in the third quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock worth $597,807,000 after purchasing an additional 18,495,822 shares during the last quarter. Cerberus Capital Management L.P. purchased a new position in shares of Patterson-UTI Energy in the third quarter worth $188,486,000. FMR LLC raised its holdings in Patterson-UTI Energy by 21,195.0% during the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock valued at $161,311,000 after buying an additional 11,600,658 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Patterson-UTI Energy by 397.2% during the 3rd quarter. Principal Financial Group Inc. now owns 5,882,977 shares of the oil and gas company’s stock valued at $81,420,000 after buying an additional 4,699,682 shares during the period. 97.91% of the stock is currently 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.