Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Rating of “Hold” from Brokerages

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received a consensus recommendation of “Hold” from the thirteen analysts that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $9.6667.

Several brokerages recently commented on PTEN. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. The Goldman Sachs Group upped their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Zacks Research upgraded Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th.

Patterson-UTI Energy Trading Down 9.5%

Shares of PTEN stock opened at $9.42 on Friday. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -37.68 and a beta of 0.57. The stock has a 50-day moving average of $9.65 and a 200-day moving average of $7.48. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $11.75.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.09. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. On average, equities research analysts forecast that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Monday, March 2nd. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio is currently -160.00%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC boosted its holdings in Patterson-UTI Energy by 11.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after acquiring an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd boosted its holdings in Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 1,547 shares in the last quarter. Sage Rhino Capital LLC boosted its holdings in Patterson-UTI Energy by 6.6% in the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after acquiring an additional 1,575 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock worth $2,197,000 after acquiring an additional 1,915 shares in the last quarter. Finally, First Horizon Corp boosted its holdings in Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 2,049 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.