Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $14.00 at Bank of America

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective reduced by Bank of America from $14.50 to $14.00 in a research note released on Monday, Benzinga reports. Bank of America currently has a buy rating on the oil and gas company’s stock.

A number of other research analysts also recently issued reports on PTEN. StockNews.com downgraded Patterson-UTI Energy from a hold rating to a sell rating in a research note on Tuesday, April 2nd. Susquehanna reissued a positive rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Evercore ISI cut their price target on Patterson-UTI Energy from $19.00 to $18.00 and set an outperform rating for the company in a report on Tuesday, February 20th. The Goldman Sachs Group started coverage on Patterson-UTI Energy in a research note on Tuesday, December 19th. They set a neutral rating and a $12.00 price objective for the company. Finally, Benchmark lowered Patterson-UTI Energy from a buy rating to a hold rating in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $16.17.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $11.22 on Monday. Patterson-UTI Energy has a fifty-two week low of $9.70 and a fifty-two week high of $16.17. The business has a fifty day moving average price of $11.65 and a two-hundred day moving average price of $11.65. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The stock has a market capitalization of $4.52 billion, a PE ratio of 11.11, a P/E/G ratio of 1.19 and a beta of 2.21.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.50 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. As a group, equities analysts predict that Patterson-UTI Energy will post 0.63 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is 31.68%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is owned by insiders.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Capital Advisors Ltd. LLC acquired a new position in Patterson-UTI Energy in the 3rd quarter valued at about $25,000. Fortitude Family Office LLC increased its position in shares of Patterson-UTI Energy by 320.7% in the 1st 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. Quarry LP grew its position in shares of Patterson-UTI Energy by 157.2% in the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 1,714 shares during the last quarter. CWM LLC grew its position in shares of Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 791 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Patterson-UTI Energy during the 4th quarter worth $40,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.