Other equities research analysts also recently issued reports about the company. Morgan Stanley decreased their target price on Patterson-UTI Energy from $18.00 to $17.00 and set an overweight rating on the stock in a research report on Friday, July 12th. Bank of America decreased their target price on Patterson-UTI Energy from $12.00 to $9.00 and set a buy rating on the stock in a research report on Wednesday, August 28th. Jefferies Financial Group downgraded Patterson-UTI Energy from a buy rating to a hold rating and decreased their target price for the stock from $14.50 to $11.50 in a research report on Friday, August 2nd. Credit Suisse Group decreased their target price on Patterson-UTI Energy from $14.00 to $11.00 and set a neutral rating on the stock in a research report on Friday, July 26th. Finally, UBS Group set a $17.00 target price on Patterson-UTI Energy and gave the stock a buy rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $14.43.
NASDAQ PTEN opened at $9.11 on Thursday. The company has a quick ratio of 1.76, a current ratio of 1.91 and a debt-to-equity ratio of 0.35. The business has a 50-day moving average price of $9.22 and a 200-day moving average price of $11.90. Patterson-UTI Energy has a twelve month low of $7.87 and a twelve month high of $18.39.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. The firm had revenue of $675.77 million during the quarter, compared to analyst estimates of $670.28 million. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. The business’s quarterly revenue was down 20.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) earnings per share. Sell-side analysts forecast that Patterson-UTI Energy will post -0.9 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, September 5th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $0.16 dividend on an annualized basis and a yield of 1.76%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
In related news, Director Curtis W. Huff acquired 25,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were acquired at an average cost of $8.08 per share, for a total transaction of $202,000.00. Following the completion of the transaction, the director now directly owns 162,817 shares in the company, valued at approximately $1,315,561.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Janeen S. Judah sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the sale, the director now owns 27,023 shares in the company, valued at $244,558.15. The disclosure for this sale can be found here. Corporate insiders own 4.00% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Parallel Advisors LLC raised its position in Patterson-UTI Energy by 129.0% during the first quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 1,342 shares during the period. Quantamental Technologies LLC raised its position in Patterson-UTI Energy by 173.2% during the second quarter. Quantamental Technologies LLC now owns 6,041 shares of the oil and gas company’s stock valued at $70,000 after purchasing an additional 3,830 shares during the period. Machina Capital S.A.S. raised its position in Patterson-UTI Energy by 1,559.1% during the second quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock valued at $76,000 after purchasing an additional 6,174 shares during the period. KBC Group NV purchased a new stake in Patterson-UTI Energy during the second quarter valued at approximately $78,000. Finally, M&T Bank Corp purchased a new stake in Patterson-UTI Energy during the second quarter valued at approximately $122,000. Institutional investors and hedge funds own 98.39% of the company’s stock.
Patterson-UTI Energy Company Profile
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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