Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given a consensus recommendation of “Hold” by the twenty-four brokerages that are covering the firm, Marketbeat.com reports. Seven equities research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $10.91.
PTEN has been the topic of a number of recent research reports. AltaCorp Capital lowered Patterson-UTI Energy from an “outperform” rating to an “underperform” rating in a research note on Wednesday, December 18th. Deutsche Bank initiated coverage on Patterson-UTI Energy in a research note on Wednesday, November 27th. They set a “sell” rating and a $7.00 price objective on the stock. Bernstein Bank initiated coverage on Patterson-UTI Energy in a research note on Tuesday. They set an “underperform” rating and a $7.50 price objective on the stock. Citigroup lowered Patterson-UTI Energy from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $12.00 to $9.50 in a research note on Monday, September 30th. Finally, Wolfe Research set a $11.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, October 25th.
In other Patterson-UTI Energy news, Director Terry H. Hunt sold 5,900 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $10.49, for a total value of $61,891.00. Following the sale, the director now owns 91,670 shares of the company’s stock, valued at approximately $961,618.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.00% of the company’s stock.
Several hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC boosted its holdings in shares of Patterson-UTI Energy by 165.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,138 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 1,955 shares in the last quarter. Zeke Capital Advisors LLC boosted its holdings in shares of Patterson-UTI Energy by 30.2% during the 4th quarter. Zeke Capital Advisors LLC now owns 100,913 shares of the oil and gas company’s stock valued at $1,060,000 after acquiring an additional 23,381 shares in the last quarter. Man Group plc acquired a new stake in shares of Patterson-UTI Energy during the 3rd quarter valued at $3,930,000. Squarepoint Ops LLC acquired a new stake in shares of Patterson-UTI Energy during the 3rd quarter valued at $599,000. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Patterson-UTI Energy during the 3rd quarter valued at $565,000. 98.00% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PTEN traded down $0.09 during mid-day trading on Friday, reaching $9.95. The company’s stock had a trading volume of 2,910,990 shares, compared to its average volume of 2,951,976. Patterson-UTI Energy has a 1-year low of $7.67 and a 1-year high of $16.27. The stock has a market cap of $1.97 billion, a P/E ratio of -29.26 and a beta of 1.69. The business has a 50-day simple moving average of $10.06 and a two-hundred day simple moving average of $9.52. The company has a current ratio of 1.54, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.03. Patterson-UTI Energy had a negative return on equity of 3.85% and a negative net margin of 19.50%. The company had revenue of $598.50 million during the quarter, compared to analysts’ expectations of $604.66 million. During the same period last year, the firm posted ($0.10) earnings per share. The business’s revenue was down 31.0% on a year-over-year basis. Research analysts anticipate that Patterson-UTI Energy will post -0.99 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Wednesday, December 4th. Patterson-UTI Energy’s dividend payout ratio is presently -47.06%.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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