Patterson-UTI Energy (NASDAQ:PTEN) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sell rating to a hold rating in a research note issued to investors on Thursday.

PTEN has been the subject of several other reports. Susquehanna reissued a positive rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Evercore ISI dropped their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating on the stock in a research note on Friday, May 3rd. Royal Bank of Canada cut their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating on the stock in a report on Friday, February 16th. Benchmark reiterated a hold rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Finally, Piper Sandler cut their price target on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an overweight rating on the stock in a report on Monday, May 6th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $15.67.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $9.83 on Thursday. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26. The firm has a fifty day simple moving average of $11.00 and a two-hundred day simple moving average of $11.12. Patterson-UTI Energy has a 12 month low of $9.73 and a 12 month high of $16.17. The firm has a market capitalization of $3.95 billion, a PE ratio of 14.46 and a beta of 2.18.

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, beating analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period last year, the company earned $0.46 earnings per share. Analysts forecast that Patterson-UTI Energy will post 0.55 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the transaction, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PTEN. Fortitude Family Office LLC grew its position in Patterson-UTI Energy by 320.7% in the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,594 shares in the last quarter. Lindbrook Capital LLC increased its position in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 1,332 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $40,000. Parkside Financial Bank & Trust raised its holdings in shares of Patterson-UTI Energy by 635.8% during the 3rd 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 in the last quarter. Finally, CWM LLC lifted its position in Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

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.