Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $14.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price trimmed by Bank of America from $14.50 to $14.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a buy rating on the oil and gas company’s stock.

Other equities research analysts have also issued reports about the company. Raymond James decreased their target price on Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a research report on Friday, February 16th. Benchmark lowered Patterson-UTI Energy from a buy rating to a hold rating in a report on Tuesday, January 16th. The Goldman Sachs Group assumed coverage on Patterson-UTI Energy in a research note on Tuesday, December 19th. They issued a neutral rating and a $12.00 target price on the stock. Evercore ISI cut their price target on Patterson-UTI Energy from $19.00 to $18.00 and set an outperform rating for the company in a research note on Tuesday, February 20th. Finally, StockNews.com cut Patterson-UTI Energy from a hold rating to a sell rating in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $16.17.

Patterson-UTI Energy Stock Up 1.1 %

Patterson-UTI Energy stock opened at $11.34 on Monday. Patterson-UTI Energy has a fifty-two week low of $9.70 and a fifty-two week high of $16.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. The firm’s 50-day simple moving average is $11.67 and its 200 day simple moving average is $11.65. The stock has a market cap of $4.57 billion, a PE ratio of 11.23, a price-to-earnings-growth ratio of 1.57 and a beta of 2.21.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.50 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. Research analysts predict that Patterson-UTI Energy will post 0.63 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 31.68%.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Large investors have recently modified their holdings of the business. Capital Advisors Ltd. LLC purchased a new stake in Patterson-UTI Energy in the third quarter valued at approximately $25,000. Fortitude Family Office LLC increased its holdings in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,594 shares during the last quarter. CWM LLC raised its position in shares of Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 791 shares in the last quarter. Coppell Advisory Solutions Corp. bought a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $47,000. Finally, Quarry LP grew its position in Patterson-UTI Energy by 157.2% in the second quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 1,714 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

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.