Patterson-UTI Energy (PTEN) Sets New 1-Year Low at $13.59

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week low on Thursday . The company traded as low as $13.59 and last traded at $12.71, with a volume of 2370957 shares. The stock had previously closed at $13.62.

PTEN has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Friday, August 17th. Wolfe Research initiated coverage on shares of Patterson-UTI Energy in a report on Wednesday, October 10th. They issued a “peer perform” rating on the stock. ValuEngine cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. BidaskClub upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a report on Thursday, September 13th. Finally, Bank of America initiated coverage on shares of Patterson-UTI Energy in a report on Wednesday, October 17th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $23.88.

The company has a market capitalization of $2.96 billion, a PE ratio of -15.75 and a beta of 0.97. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.54 and a current ratio of 1.66.



Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $867.48 million for the quarter, compared to the consensus estimate of $839.65 million. Patterson-UTI Energy had a net margin of 2.27% and a negative return on equity of 2.29%. As a group, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.44 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $0.16 annualized dividend and a dividend yield of 1.25%. Patterson-UTI Energy’s dividend payout ratio is presently -20.00%.

Hedge funds and other institutional investors have recently modified their holdings of the company. First Mercantile Trust Co. bought a new position in shares of Patterson-UTI Energy in the third quarter worth approximately $158,000. Connable Office Inc. bought a new position in Patterson-UTI Energy during the third quarter valued at approximately $173,000. Signition LP bought a new position in Patterson-UTI Energy during the third quarter valued at approximately $177,000. IFP Advisors Inc lifted its position in Patterson-UTI Energy by 122.7% during the third quarter. IFP Advisors Inc now owns 10,751 shares of the oil and gas company’s stock valued at $184,000 after purchasing an additional 5,923 shares during the period. Finally, Engineers Gate Manager LP bought a new position in Patterson-UTI Energy during the third quarter valued at approximately $197,000. Hedge funds and other institutional investors own 95.64% of the company’s stock.

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Patterson-UTI Energy Company Profile (NASDAQ:PTEN)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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