Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $14.00 at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective reduced by Piper Sandler from $17.00 to $14.00 in a research note released on Monday morning, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other research analysts have also commented on the stock. Raymond James decreased their price target on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a report on Friday, February 16th. Royal Bank of Canada decreased their target price 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. Evercore ISI dropped their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. Susquehanna restated a positive rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Finally, Benchmark downgraded Patterson-UTI Energy from a buy rating to a hold rating in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of Moderate Buy and a consensus target price of $15.67.

Patterson-UTI Energy Price Performance

PTEN opened at $10.77 on Monday. The company has a market capitalization of $4.34 billion, a P/E ratio of 15.84, a PEG ratio of 1.57 and a beta of 2.23. The company has a 50-day moving average of $11.59 and a 200-day moving average of $11.42. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. Patterson-UTI Energy has a 1-year low of $9.70 and a 1-year high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Equities analysts expect that Patterson-UTI Energy will post 0.59 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Insider Buying and Selling

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in Patterson-UTI Energy during the 3rd quarter worth $128,000. Xponance Inc. lifted its position in shares of Patterson-UTI Energy by 74.8% during the 3rd quarter. Xponance Inc. now owns 21,405 shares of the oil and gas company’s stock worth $296,000 after purchasing an additional 9,160 shares during the last quarter. Raymond James & Associates grew its holdings in Patterson-UTI Energy by 596.2% in the 3rd quarter. Raymond James & Associates now owns 518,075 shares of the oil and gas company’s stock valued at $7,170,000 after buying an additional 443,659 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Patterson-UTI Energy by 26.8% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,049 shares of the oil and gas company’s stock worth $305,000 after buying an additional 4,666 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Patterson-UTI Energy by 38.6% in the third quarter. Bank of New York Mellon Corp now owns 3,633,635 shares of the oil and gas company’s stock valued at $50,290,000 after acquiring an additional 1,012,802 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.