Brokerages Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Price Target at $7.39

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received an average rating of “Hold” from the thirteen research firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $7.3889.

Several equities analysts have recently weighed in on the stock. Susquehanna lowered their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research note on Wednesday, September 3rd. Tudor Pickering cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Barclays reiterated an “equal weight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Royal Bank Of Canada boosted their price target on Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Thursday, November 13th.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $5.79 on Wednesday. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -16.08 and a beta of 1.22. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $9.57. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The business’s fifty day moving average price is $5.82 and its 200-day moving average price is $5.87.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. The firm had revenue of $191.70 million for the quarter. On average, equities analysts predict that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Monday, December 1st. Patterson-UTI Energy’s payout ratio is currently -88.89%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Quarry LP boosted its stake in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 3,862 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 3,343 shares during the last quarter. State of Wyoming purchased a new position in shares of Patterson-UTI Energy in the first quarter valued at $54,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Patterson-UTI Energy in the third quarter valued at $37,000. Finally, Smartleaf Asset Management LLC increased its position in Patterson-UTI Energy by 41.0% in the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after purchasing an additional 2,323 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.