Patterson-UTI Energy (NASDAQ:PTEN) Reaches New 12-Month Low at $8.11

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $8.11 and last traded at $8.18, with a volume of 234134 shares changing hands. The stock had previously closed at $8.20.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Barclays lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Bank of America reduced their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research report on Monday, July 15th. Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, July 16th. Finally, Susquehanna cut their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.29.

Patterson-UTI Energy Stock Down 3.3 %

The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $3.09 billion, a PE ratio of 11.56 and a beta of 2.13. The firm has a 50-day moving average of $9.52 and a two-hundred day moving average of $10.57.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. Equities research analysts predict that Patterson-UTI Energy, Inc. will post 0.32 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.07%. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. purchased a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $152,265,000. Ninepoint Partners LP acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at $51,800,000. Norges Bank purchased a new position in Patterson-UTI Energy in the fourth quarter valued at $44,911,000. Balyasny Asset Management L.P. acquired a new position in Patterson-UTI Energy during the 4th quarter worth $44,872,000. Finally, American Century Companies Inc. increased its holdings in Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after purchasing an additional 2,191,330 shares during the period. Institutional investors and hedge funds 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.