Patterson-UTI Energy (NASDAQ:PTEN) Rating Lowered to Neutral at Citigroup

Citigroup cut shares of Patterson-UTI Energy (NASDAQ:PTEN) from a buy rating to a neutral rating in a research report sent to investors on Monday, BenzingaRatingsTable reports. They currently have $9.50 price target on the oil and gas company’s stock, down from their prior price target of $12.00.

Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Patterson-UTI Energy from a hold rating to a sell rating in a research note on Saturday, September 21st. Barclays assumed coverage on shares of Patterson-UTI Energy in a research note on Thursday, September 26th. They issued an equal weight rating and a $10.00 price target on the stock. Bank of America reduced their price target on shares of Patterson-UTI Energy from $12.00 to $9.00 and set a buy rating on the stock in a research note on Wednesday, August 28th. Raymond James set a $17.00 price target on shares of Patterson-UTI Energy and gave the company a buy rating in a research note on Friday, July 26th. Finally, Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an overweight rating on the stock in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Patterson-UTI Energy presently has an average rating of Hold and a consensus target price of $13.56.

PTEN stock traded down $0.07 during trading on Monday, reaching $8.21. 81,448 shares of the stock were exchanged, compared to its average volume of 4,245,533. The company has a current ratio of 1.91, a quick ratio of 1.76 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average price of $8.86 and a 200-day moving average price of $11.47. Patterson-UTI Energy has a 1 year low of $7.85 and a 1 year high of $18.24. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -24.13 and a beta of 1.52.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.71%. The company had revenue of $675.77 million for the quarter, compared to the consensus estimate of $670.28 million. During the same period in the previous year, the firm earned ($0.05) earnings per share. Patterson-UTI Energy’s quarterly revenue was down 20.9% compared to the same quarter last year. On average, research analysts anticipate that Patterson-UTI Energy will post -0.91 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Thursday, September 5th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date was Wednesday, September 4th. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -47.06%.

In other news, Director Curtis W. Huff purchased 25,000 shares of the stock in a transaction on Friday, August 23rd. The stock was bought at an average price of $8.08 per share, for a total transaction of $202,000.00. Following the acquisition, the director now directly owns 162,817 shares of the company’s stock, valued at approximately $1,315,561.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janeen S. Judah sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $9.05, for a total transaction of $45,250.00. Following the transaction, the director now owns 27,023 shares of the company’s stock, valued at approximately $244,558.15. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quantamental Technologies LLC grew its holdings in Patterson-UTI Energy by 173.2% during the 2nd quarter. Quantamental Technologies LLC now owns 6,041 shares of the oil and gas company’s stock worth $70,000 after acquiring an additional 3,830 shares in the last quarter. Machina Capital S.A.S. grew its holdings in Patterson-UTI Energy by 1,559.1% during the 2nd quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock worth $76,000 after acquiring an additional 6,174 shares in the last quarter. KBC Group NV acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $78,000. M&T Bank Corp acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $122,000. Finally, GSA Capital Partners LLP acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $143,000. Institutional investors own 97.98% of the company’s stock.

About Patterson-UTI Energy

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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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