Brokerages Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Target Price at $15.82

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are presently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $15.82.

Several equities research analysts recently issued reports on the stock. Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Piper Sandler lowered their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Bank of America reduced their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Evercore ISI lowered 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 research report on Friday, May 3rd. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $11.55, for a total value of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently bought and sold shares of the business. Boston Partners boosted its stake in Patterson-UTI Energy by 8.4% in the first quarter. Boston Partners now owns 1,915,224 shares of the oil and gas company’s stock valued at $22,679,000 after acquiring an additional 148,521 shares in the last quarter. Verity Asset Management Inc. boosted its stake in Patterson-UTI Energy by 44.2% in the first quarter. Verity Asset Management Inc. now owns 54,367 shares of the oil and gas company’s stock valued at $649,000 after acquiring an additional 16,665 shares in the last quarter. EMC Capital Management acquired a new position in Patterson-UTI Energy in the first quarter valued at $262,000. Webs Creek Capital Management LP acquired a new position in Patterson-UTI Energy in the first quarter valued at $24,116,000. Finally, KLCM Advisors Inc. acquired a new position in Patterson-UTI Energy in the first quarter valued at $9,609,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $10.13 on Friday. Patterson-UTI Energy has a 52 week low of $9.68 and a 52 week high of $16.17. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of 14.90 and a beta of 2.19. The firm has a 50-day simple moving average of $10.58 and a 200-day simple moving average of $11.00. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period last year, the business earned $0.46 earnings per share. On average, equities analysts predict that Patterson-UTI Energy will post 0.56 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

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.