Brokerages Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) PT at $16.17

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given an average recommendation of “Moderate Buy” by the thirteen research firms that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $16.17.

A number of research analysts recently commented on PTEN shares. Royal Bank of Canada cut 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. Raymond James lowered their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 16th. Susquehanna reiterated a “positive” rating and set a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Evercore ISI cut their price objective on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Tuesday, February 20th. Finally, Benchmark lowered Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th.

Patterson-UTI Energy Trading Up 1.1 %

Shares of PTEN stock opened at $11.34 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a 1 year low of $9.70 and a 1 year high of $16.17. The firm’s fifty day simple moving average is $11.67 and its 200 day simple moving average is $11.65. The firm has a market capitalization of $4.57 billion, a P/E ratio of 11.23, a price-to-earnings-growth ratio of 1.57 and a beta of 2.21.

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

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.82%. The ex-dividend date was Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio is 31.68%.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction dated 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 transaction, the director now 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 Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Citigroup Inc. lifted its stake in shares of Patterson-UTI Energy by 2.2% in the 1st quarter. Citigroup Inc. now owns 212,072 shares of the oil and gas company’s stock valued at $3,283,000 after purchasing an additional 4,464 shares during the period. AlphaCrest Capital Management LLC bought a new stake in Patterson-UTI Energy in the first quarter valued at about $187,000. Natixis Advisors L.P. acquired a new position in Patterson-UTI Energy in the first quarter valued at about $460,000. MetLife Investment Management LLC boosted its holdings in Patterson-UTI Energy by 15.7% during the first quarter. MetLife Investment Management LLC now owns 223,039 shares of the oil and gas company’s stock worth $3,453,000 after buying an additional 30,250 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Patterson-UTI Energy by 1.5% during the 1st quarter. Rhumbline Advisers now owns 601,506 shares of the oil and gas company’s stock worth $9,311,000 after buying an additional 9,136 shares during the period. 97.91% of the stock is owned by institutional investors.

About Patterson-UTI Energy

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.