Piper Sandler Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $14.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price target lowered by Piper Sandler from $17.00 to $14.00 in a report published on Monday, Benzinga reports. The firm currently has an overweight rating on the oil and gas company’s stock.

Several other research firms also recently weighed in on PTEN. Susquehanna restated a positive rating and set a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Raymond James dropped their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating on the stock in a research note on Friday, February 16th. Benchmark cut shares of Patterson-UTI Energy from a buy rating to a hold rating in a report on Tuesday, January 16th. StockNews.com cut Patterson-UTI Energy from a hold rating to a sell rating in a research report on Tuesday, April 2nd. Finally, Royal Bank of Canada reduced their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating for the company in a research note on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $15.67.

Patterson-UTI Energy Trading Down 2.1 %

NASDAQ PTEN opened at $10.77 on Monday. The firm’s fifty day moving average price is $11.59 and its 200 day moving average price is $11.42. Patterson-UTI Energy has a 12 month low of $9.70 and a 12 month high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 1.57 and a beta of 2.23.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same quarter last year, the company posted $0.46 earnings per share. On average, sell-side analysts expect that Patterson-UTI Energy will post 0.59 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 3rd. This represents a $0.32 annualized dividend and a dividend yield of 2.97%. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the transaction, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several institutional investors and hedge funds have recently modified their holdings of PTEN. Capital Advisors Ltd. LLC purchased a new stake in Patterson-UTI Energy during the 3rd quarter worth about $25,000. Fortitude Family Office LLC grew its holdings in shares of Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,594 shares in the last quarter. Lindbrook Capital LLC raised its position in shares of Patterson-UTI Energy by 66.5% in the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 1,332 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $40,000. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Patterson-UTI Energy by 635.8% during the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 2,594 shares during the period. Hedge funds and other institutional investors 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.