Patterson-UTI Energy (PTEN) – Research Analysts’ Recent Ratings Changes

Patterson-UTI Energy (NASDAQ: PTEN) recently received a number of ratings updates from brokerages and research firms:

  • 5/31/2022 – Patterson-UTI Energy was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating. They now have a $22.75 price target on the stock, up previously from $21.00. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 5/28/2022 – Patterson-UTI Energy was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
  • 5/26/2022 – Patterson-UTI Energy was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating. They now have a $20.00 price target on the stock.
  • 5/20/2022 – Patterson-UTI Energy was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
  • 5/12/2022 – Patterson-UTI Energy was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
  • 5/4/2022 – Patterson-UTI Energy had its price target raised by analysts at Piper Sandler from $20.00 to $21.00.
  • 5/2/2022 – Patterson-UTI Energy had its price target raised by analysts at Barclays PLC from $16.00 to $20.00.
  • 4/18/2022 – Patterson-UTI Energy is now covered by analysts at Benchmark Co.. They set a “buy” rating and a $21.00 price target on the stock.
  • 4/13/2022 – Patterson-UTI Energy had its price target raised by analysts at Piper Sandler from $14.50 to $20.00. They now have an “overweight” rating on the stock.
  • 4/11/2022 – Patterson-UTI Energy had its price target raised by analysts at Morgan Stanley from $13.50 to $18.00. They now have an “overweight” rating on the stock.

Patterson-UTI Energy stock opened at $19.67 on Wednesday. Patterson-UTI Energy, Inc. has a one year low of $6.44 and a one year high of $20.53. The stock has a fifty day moving average of $16.89 and a 200 day moving average of $13.12. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.23 and a current ratio of 1.35. The stock has a market cap of $4.25 billion, a PE ratio of -7.03 and a beta of 2.37.

Patterson-UTI Energy (NASDAQ:PTENGet Rating) last released its quarterly earnings results on Wednesday, April 27th. The oil and gas company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.08. The firm had revenue of $509.80 million during the quarter, compared to analyst estimates of $512.08 million. Patterson-UTI Energy had a negative net margin of 35.49% and a negative return on equity of 17.74%. The business’s revenue for the quarter was up 111.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.57) EPS. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. will post 0.11 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 16th. Stockholders of record on Thursday, June 2nd will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date is Wednesday, June 1st. Patterson-UTI Energy’s payout ratio is -5.71%.

In other news, SVP Seth David Wexler sold 60,000 shares of the stock in a transaction on Thursday, March 10th. The shares were sold at an average price of $15.95, for a total value of $957,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the firm’s stock in a transaction on Thursday, March 17th. The shares were sold at an average price of $15.04, for a total transaction of $1,504,000.00. The disclosure for this sale can be found here. Insiders sold a total of 619,650 shares of company stock valued at $9,847,231 over the last 90 days. 2.70% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund boosted its stake in shares of Patterson-UTI Energy by 0.9% in the first quarter. Oregon Public Employees Retirement Fund now owns 81,385 shares of the oil and gas company’s stock worth $1,260,000 after acquiring an additional 726 shares during the period. Advisor Group Holdings Inc. grew its holdings in Patterson-UTI Energy by 18.2% during the 1st quarter. Advisor Group Holdings Inc. now owns 5,730 shares of the oil and gas company’s stock valued at $19,956,000 after buying an additional 881 shares in the last quarter. Gamco Investors INC. ET AL grew its holdings in Patterson-UTI Energy by 2.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 40,572 shares of the oil and gas company’s stock valued at $628,000 after buying an additional 906 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Patterson-UTI Energy by 0.4% in the first quarter. New York State Teachers Retirement System now owns 305,417 shares of the oil and gas company’s stock worth $4,728,000 after buying an additional 1,100 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Patterson-UTI Energy by 1.8% during the first quarter. Nisa Investment Advisors LLC now owns 63,270 shares of the oil and gas company’s stock worth $979,000 after acquiring an additional 1,120 shares during the last quarter. 95.14% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

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