Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $14.00 by Analysts at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) had its price target reduced by Piper Sandler from $17.00 to $14.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other research analysts have also recently commented on the stock. Susquehanna restated a positive rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Bank of America decreased their price objective on Patterson-UTI Energy from $14.50 to $14.00 and set a buy rating for the company in a report on Monday, April 15th. Benchmark lowered Patterson-UTI Energy from a buy rating to a hold rating in a research report on Tuesday, January 16th. Raymond James decreased their price target on Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a research note on Friday, February 16th. Finally, Evercore ISI reduced their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of Moderate Buy and an average target price of $15.67.

Patterson-UTI Energy Trading Up 2.7 %

Shares of NASDAQ PTEN opened at $10.97 on Monday. The company has a market cap of $4.42 billion, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 1.57 and a beta of 2.23. The stock’s 50 day simple moving average is $11.62 and its 200 day simple moving average is $11.44. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a 12-month low of $9.70 and a 12-month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. During the same period last year, the business posted $0.46 earnings per share. Equities research analysts expect that Patterson-UTI Energy will post 0.59 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 annualized dividend and a dividend yield of 2.92%. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the transaction, the director now owns 2,473,239 shares in the company, valued at $29,011,093.47. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Advisors Ltd. LLC purchased a new stake in Patterson-UTI Energy during the third quarter valued at about $25,000. Fortitude Family Office LLC raised its holdings in shares of Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,594 shares during the period. Parkside Financial Bank & Trust lifted its position in shares of Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 2,594 shares in the last quarter. Lindbrook Capital LLC boosted its stake in Patterson-UTI Energy by 350.7% in the 3rd quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock worth $45,000 after purchasing an additional 2,539 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in Patterson-UTI Energy during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds 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.