Barclays Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $8.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective lowered by Barclays from $11.00 to $8.00 in a research report sent to investors on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the oil and gas company’s stock.

Several other research firms also recently weighed in on PTEN. Stifel Nicolaus decreased their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. The Goldman Sachs Group lowered their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Morgan Stanley decreased their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Finally, Susquehanna cut their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus price target of $10.88.

Patterson-UTI Energy Trading Down 5.2 %

NASDAQ PTEN opened at $5.64 on Monday. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The stock has a market cap of $2.18 billion, a PE ratio of -2.28 and a beta of 1.60. The company’s 50-day moving average price is $7.10 and its 200-day moving average price is $7.87. Patterson-UTI Energy has a 12 month low of $5.12 and a 12 month high of $11.70.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. Patterson-UTI Energy’s quarterly revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 earnings per share. Equities research analysts forecast that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.32 annualized dividend and a yield of 5.67%. Patterson-UTI Energy’s payout ratio is presently -12.31%.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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 the company. Atria Investments Inc increased its position in shares of Patterson-UTI Energy by 3.7% in the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company’s stock valued at $288,000 after buying an additional 1,252 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 1,358 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in Patterson-UTI Energy by 10.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock worth $130,000 after buying an additional 1,436 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in Patterson-UTI Energy by 4.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock worth $336,000 after buying an additional 1,596 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after acquiring an additional 1,717 shares during the last quarter. 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.