Patterson-UTI Energy (NASDAQ:PTEN) had its target price decreased by Morgan Stanley from $12.00 to $11.00 in a report released on Monday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an overweight rating on the oil and gas company’s stock.
A number of other research analysts have also weighed in on the company. Credit Suisse Group lowered Patterson-UTI Energy from a neutral rating to an underperform rating and dropped their target price for the company from $11.00 to $6.50 in a report on Tuesday, December 3rd. Barclays restated a hold rating and issued a $9.00 target price on shares of Patterson-UTI Energy in a report on Friday, October 25th. Sanford C. Bernstein began coverage on Patterson-UTI Energy in a report on Monday, January 13th. They issued an underperform rating and a $7.50 target price on the stock. Deutsche Bank began coverage on Patterson-UTI Energy in a report on Wednesday, November 27th. They issued a sell rating and a $7.00 target price on the stock. Finally, Wolfe Research set a $11.00 target price on Patterson-UTI Energy and gave the company a buy rating in a report on Friday, October 25th. Nine equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $10.48.
Shares of Patterson-UTI Energy stock opened at $7.47 on Monday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 1.54. Patterson-UTI Energy has a 52 week low of $6.87 and a 52 week high of $16.27. The stock has a 50 day moving average price of $9.21 and a two-hundred day moving average price of $9.12. The stock has a market capitalization of $1.49 billion, a PE ratio of -3.51 and a beta of 1.79.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, February 6th. The oil and gas company reported ($0.44) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.41) by ($0.03). Patterson-UTI Energy had a negative net margin of 17.23% and a negative return on equity of 6.34%. The firm had revenue of $492.00 million during the quarter, compared to analyst estimates of $486.49 million. During the same period last year, the business posted ($0.04) EPS. The company’s revenue was down 38.2% on a year-over-year basis. Research analysts forecast that Patterson-UTI Energy will post -1.52 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, March 5th will be issued a dividend of $0.04 per share. The ex-dividend date is Wednesday, March 4th. This represents a $0.16 dividend on an annualized basis and a yield of 2.14%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -16.16%.
In related news, Director Terry H. Hunt sold 5,900 shares of Patterson-UTI Energy stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $10.49, for a total transaction of $61,891.00. Following the sale, the director now directly owns 91,670 shares in the company, valued at $961,618.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.00% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Voloridge Investment Management LLC bought a new stake in Patterson-UTI Energy during the third quarter worth $565,000. Carillon Tower Advisers Inc. lifted its holdings in Patterson-UTI Energy by 74.7% during the third quarter. Carillon Tower Advisers Inc. now owns 2,076,415 shares of the oil and gas company’s stock worth $17,753,000 after acquiring an additional 887,790 shares during the period. Wealthsource Partners LLC lifted its holdings in Patterson-UTI Energy by 57.0% during the third quarter. Wealthsource Partners LLC now owns 22,173 shares of the oil and gas company’s stock worth $190,000 after acquiring an additional 8,048 shares during the period. Man Group plc bought a new stake in Patterson-UTI Energy during the third quarter worth $3,930,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Patterson-UTI Energy by 44.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 9,950,536 shares of the oil and gas company’s stock worth $85,078,000 after acquiring an additional 3,069,809 shares during the period. Institutional investors and hedge funds own 98.00% of the company’s stock.
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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