Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) have received a consensus rating of “Moderate Buy” from the thirteen analysts that are covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $18.19.

A number of brokerages recently weighed in on PTEN. Royal Bank of Canada dropped their price objective on Patterson-UTI Energy from $24.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Friday, February 10th. StockNews.com began coverage on Patterson-UTI Energy in a report on Thursday, May 18th. They issued a “buy” rating for the company. Susquehanna lowered their price target on Patterson-UTI Energy from $24.00 to $18.00 in a report on Monday, April 3rd. Citigroup lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 in a report on Friday, May 19th. Finally, Piper Sandler lowered their price target on Patterson-UTI Energy from $24.00 to $19.00 in a report on Monday, May 1st.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Ronald Blue Trust Inc. lifted its holdings in Patterson-UTI Energy by 65.3% in the fourth quarter. Ronald Blue Trust Inc. now owns 2,205 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 871 shares during the period. Arcadia Investment Management Corp MI lifted its holdings in Patterson-UTI Energy by 1,000.0% in the first quarter. Arcadia Investment Management Corp MI now owns 2,200 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 2,000 shares during the period. Neo Ivy Capital Management acquired a new position in Patterson-UTI Energy in the third quarter valued at approximately $27,000. Proficio Capital Partners LLC acquired a new position in Patterson-UTI Energy in the first quarter valued at approximately $31,000. Finally, Rockefeller Capital Management L.P. lifted its holdings in Patterson-UTI Energy by 79.7% in the third quarter. Rockefeller Capital Management L.P. now owns 2,905 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 1,288 shares during the period. Institutional investors and hedge funds own 96.57% of the company’s stock.

Patterson-UTI Energy Stock Down 0.7 %

Shares of PTEN opened at $10.50 on Friday. The business’s 50 day simple moving average is $11.32 and its 200-day simple moving average is $14.45. Patterson-UTI Energy has a 1 year low of $9.94 and a 1 year high of $20.53. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 8.08, a price-to-earnings-growth ratio of 0.17 and a beta of 2.28. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.60 and a quick ratio of 1.47.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last released its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.10. Patterson-UTI Energy had a return on equity of 16.59% and a net margin of 9.66%. The company had revenue of $791.80 million for the quarter, compared to analyst estimates of $757.41 million. During the same quarter in the prior year, the firm posted ($0.13) EPS. Patterson-UTI Energy’s quarterly revenue was up 55.4% compared to the same quarter last year. As a group, equities analysts expect that Patterson-UTI Energy will post 1.73 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Wednesday, May 31st. Patterson-UTI Energy’s dividend payout ratio (DPR) is 24.62%.

About Patterson-UTI Energy

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Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.