Patterson-UTI Energy’s (PTEN) Hold Rating Reiterated at Benchmark

Benchmark reaffirmed their hold rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report report published on Monday morning, Benzinga reports.

Other equities analysts have also issued reports about the stock. Raymond James lowered their price target on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating on the stock in a research report on Friday, February 16th. Piper Sandler lowered 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 research report on Monday. StockNews.com lowered shares of Patterson-UTI Energy from a hold rating to a sell rating in a research report on Tuesday, April 2nd. Bank of America decreased their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a buy rating on the stock in a report on Monday, April 15th. Finally, Royal Bank of Canada decreased their target price 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. One research analyst has rated the stock with a sell rating, four have issued 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.com, the company has a consensus rating of Moderate Buy and a consensus price target of $15.67.

Patterson-UTI Energy Stock Down 2.1 %

PTEN stock opened at $10.77 on Monday. The stock has a market capitalization of $4.34 billion, a P/E ratio of 15.84, a P/E/G ratio of 1.57 and a beta of 2.23. The firm has a 50-day simple moving average of $11.59 and a 200-day simple moving average of $11.42. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a 52 week low of $9.70 and a 52 week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results 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. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. During the same quarter in the previous year, the company earned $0.46 earnings per share. Equities analysts forecast that Patterson-UTI Energy will post 0.59 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed 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 dividend yield of 2.97%. The ex-dividend date is Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Blackstone Inc. acquired a new stake in Patterson-UTI Energy during the 3rd quarter worth $483,016,000. Vanguard Group Inc. increased its holdings in shares of Patterson-UTI Energy by 74.9% in the 3rd quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock valued at $597,807,000 after purchasing an additional 18,495,822 shares in the last quarter. Cerberus Capital Management L.P. purchased a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at about $188,486,000. FMR LLC increased its holdings in shares of Patterson-UTI Energy by 21,195.0% in the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock valued at $161,311,000 after purchasing an additional 11,600,658 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Patterson-UTI Energy by 397.2% in the 3rd quarter. Principal Financial Group Inc. now owns 5,882,977 shares of the oil and gas company’s stock valued at $81,420,000 after purchasing an additional 4,699,682 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.