Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $14.29 Consensus Target Price from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned an average recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $13.13.

PTEN has been the topic of several recent research reports. Royal Bank of Canada dropped their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Piper Sandler cut their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Stifel Nicolaus decreased their price target on 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. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. Finally, Citigroup reduced their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research note on Friday, September 13th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at about $486,000. Creative Planning increased its stake in Patterson-UTI Energy by 32.1% in the 2nd quarter. Creative Planning now owns 64,635 shares of the oil and gas company’s stock worth $670,000 after purchasing an additional 15,696 shares during the period. Algert Global LLC bought a new stake in Patterson-UTI Energy in the second quarter valued at approximately $1,386,000. Ninepoint Partners LP purchased a new stake in shares of Patterson-UTI Energy during the second quarter valued at approximately $51,800,000. Finally, Susquehanna Fundamental Investments LLC grew its holdings in shares of Patterson-UTI Energy by 68.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 697,712 shares of the oil and gas company’s stock worth $7,228,000 after purchasing an additional 284,163 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Up 3.3 %

PTEN stock opened at $8.40 on Friday. The stock has a fifty day moving average of $9.36 and a 200-day moving average of $10.47. Patterson-UTI Energy has a fifty-two week low of $7.60 and a fifty-two week high of $15.97. The company has a market capitalization of $3.37 billion, a price-to-earnings ratio of 12.35 and a beta of 2.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. As a group, equities research analysts predict that Patterson-UTI Energy will post 0.3 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) 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.