Patterson-UTI Energy (NASDAQ:PTEN) Now Covered by Analysts at Bernstein Bank

Bernstein Bank initiated coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a report released on Tuesday morning, Stock Target Advisor reports. The firm issued an underperform rating and a $7.50 target price on the oil and gas company’s stock.

A number of other equities research analysts also recently issued reports on the stock. Credit Suisse Group downgraded shares of Patterson-UTI Energy from a neutral rating to an underperform rating and decreased their price target for the company from $11.00 to $6.50 in a research note on Tuesday, December 3rd. Royal Bank of Canada set a $10.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a report on Friday, October 25th. Deutsche Bank began coverage on shares of Patterson-UTI Energy in a report on Wednesday, November 27th. They set a sell rating and a $7.00 target price on the stock. AltaCorp Capital cut shares of Patterson-UTI Energy from an outperform rating to an underperform rating in a report on Wednesday, December 18th. Finally, Barclays reiterated a hold rating and set a $9.00 target price on shares of Patterson-UTI Energy in a report on Friday, October 25th. Seven research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $10.87.

NASDAQ PTEN traded down $0.05 during trading hours on Tuesday, hitting $10.09. 1,430,841 shares of the company’s stock traded hands, compared to its average volume of 2,824,748. The business’s fifty day moving average price is $10.01 and its two-hundred day moving average price is $9.54. The company has a current ratio of 1.54, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $1.96 billion, a P/E ratio of -29.68 and a beta of 1.69. Patterson-UTI Energy has a 52 week low of $7.67 and a 52 week high of $16.27.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.03. The company had revenue of $598.50 million during the quarter, compared to analyst estimates of $604.66 million. Patterson-UTI Energy had a negative net margin of 19.50% and a negative return on equity of 3.85%. The firm’s quarterly revenue was down 31.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.10) earnings per share. On average, sell-side analysts expect that Patterson-UTI Energy will post -0.98 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend was Wednesday, December 4th. Patterson-UTI Energy’s dividend payout ratio is presently -47.06%.

In other news, Director Terry H. Hunt sold 5,900 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $10.49, for a total transaction of $61,891.00. Following the completion of the transaction, the director now directly owns 91,670 shares of the company’s stock, valued at $961,618.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.00% of the company’s stock.

Several institutional investors have recently made changes to their positions in PTEN. M&T Bank Corp acquired a new stake in Patterson-UTI Energy in the second quarter valued at $122,000. World Asset Management Inc lifted its holdings in shares of Patterson-UTI Energy by 8.2% in the third quarter. World Asset Management Inc now owns 16,803 shares of the oil and gas company’s stock valued at $144,000 after buying an additional 1,276 shares during the period. Virtu Financial LLC acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at $147,000. Commonwealth Equity Services LLC acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at $157,000. Finally, MorganRosel Wealth Management LLC lifted its holdings in shares of Patterson-UTI Energy by 8.8% in the third quarter. MorganRosel Wealth Management LLC now owns 18,732 shares of the oil and gas company’s stock valued at $160,000 after buying an additional 1,513 shares during the period. 98.00% of the stock is owned by institutional investors and hedge funds.

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.

Featured Story: Purposes and Functions of the Federal Reserve

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

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.