ValuEngine upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sell rating to a hold rating in a research report report published on Thursday.

Several other research analysts have also issued reports on the stock. BMO Capital Markets set a $23.00 target price on shares of Patterson-UTI Energy and gave the stock a buy rating in a research note on Wednesday, July 11th. BidaskClub raised shares of Patterson-UTI Energy from a buy rating to a strong-buy rating in a research note on Friday, May 18th. Royal Bank of Canada reaffirmed a buy rating and issued a $28.00 price objective on shares of Patterson-UTI Energy in a research note on Friday, July 27th. Susquehanna Bancshares set a $26.00 price objective on shares of Patterson-UTI Energy and gave the company a buy rating in a research note on Friday, July 27th. Finally, Zacks Investment Research raised shares of Patterson-UTI Energy from a sell rating to a hold rating in a research note on Friday, August 17th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $24.20.

Shares of NASDAQ PTEN opened at $17.63 on Thursday. The firm has a market cap of $3.87 billion, a P/E ratio of -22.04 and a beta of 1.17. Patterson-UTI Energy has a 12-month low of $14.60 and a 12-month high of $25.03. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.54 and a current ratio of 1.68.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.01). The company had revenue of $854.42 million for the quarter, compared to the consensus estimate of $866.96 million. Patterson-UTI Energy had a negative return on equity of 2.64% and a net margin of 3.72%. The firm’s revenue was up 47.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.46) earnings per share. equities research analysts predict that Patterson-UTI Energy will post -0.4 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 20th. Shareholders of record on Thursday, September 6th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Wednesday, September 5th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -20.00%.

Several institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Hong Kong Ltd lifted its position in shares of Patterson-UTI Energy by 2,863.0% during the first quarter. Point72 Asia Hong Kong Ltd now owns 6,815 shares of the oil and gas company’s stock valued at $119,000 after purchasing an additional 6,585 shares in the last quarter. WINTON GROUP Ltd bought a new position in shares of Patterson-UTI Energy during the first quarter valued at about $180,000. Wealthsource Partners LLC bought a new position in shares of Patterson-UTI Energy during the second quarter valued at about $198,000. Edgestream Partners L.P. bought a new position in shares of Patterson-UTI Energy during the second quarter valued at about $210,000. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Patterson-UTI Energy during the first quarter valued at about $282,000. 96.27% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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