Patterson-UTI Energy (NASDAQ:PTEN) Downgraded by StockNews.com

StockNews.com lowered shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

A number of other analysts also recently commented on PTEN. Piper Sandler dropped their price objective on Patterson-UTI Energy from $17.00 to $14.00 and set an overweight rating on the stock in a research note on Monday, May 6th. Bank of America dropped their price objective on Patterson-UTI Energy from $14.50 to $14.00 and set a buy rating on the stock in a research note on Monday, April 15th. Benchmark reissued a hold rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Evercore ISI decreased their target price on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating on the stock in a report on Friday, May 3rd. Finally, Susquehanna restated a positive rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $15.82.

Patterson-UTI Energy Stock Up 0.7 %

Shares of Patterson-UTI Energy stock opened at $10.13 on Tuesday. Patterson-UTI Energy has a 1-year low of $9.68 and a 1-year high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28. The business’s fifty day moving average price is $10.58 and its two-hundred day moving average price is $11.00. The company has a market capitalization of $4.07 billion, a P/E ratio of 14.90 and a beta of 2.19.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the business earned $0.46 EPS. As a group, research analysts forecast that Patterson-UTI Energy will post 0.56 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.08 per share. The ex-dividend date was Monday, June 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.16%. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy 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 transaction, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC boosted its position in 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 valued at $25,000 after purchasing an additional 1,594 shares during the last quarter. Lindbrook Capital LLC boosted its position in Patterson-UTI Energy by 66.5% during the first 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 acquired a new stake in Patterson-UTI Energy during the fourth quarter valued at $40,000. CWM LLC boosted its position in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new stake in Patterson-UTI Energy during the first quarter valued at $56,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.