Patterson-UTI Energy (NASDAQ:PTEN) Upgraded to “Hold” by StockNews.com

StockNews.com upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sell rating to a hold rating in a report published on Monday morning.

Other research analysts have also recently issued research reports about the stock. Raymond James cut their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a research note on Friday, February 16th. Benchmark lowered shares of Patterson-UTI Energy from a buy rating to a hold rating in a report on Tuesday, January 16th. The Goldman Sachs Group assumed coverage on shares of Patterson-UTI Energy in a report on Tuesday, December 19th. They issued a neutral rating and a $12.00 price target for the company. Royal Bank of Canada lowered their price target on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating for the company in a report on Friday, February 16th. Finally, Evercore ISI lowered their price target on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an outperform rating for the company in a report on Tuesday, February 20th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy currently has an average rating of Moderate Buy and an average target price of $16.33.

Patterson-UTI Energy Stock Down 0.9 %

Shares of PTEN opened at $11.94 on Monday. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 11.82, a P/E/G ratio of 1.14 and a beta of 2.22. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a 12 month low of $9.70 and a 12 month high of $16.17. The company has a 50-day moving average price of $11.30 and a two-hundred day moving average price of $11.98.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Equities analysts predict that Patterson-UTI Energy will post 0.67 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.08 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.32 annualized dividend and a yield of 2.68%. Patterson-UTI Energy’s dividend payout ratio is currently 31.68%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction dated 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 sale, the director now directly 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 is available at this link. 2.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Patterson-UTI Energy by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after purchasing an additional 1,847,468 shares during the period. BlackRock Inc. raised its holdings in shares of Patterson-UTI Energy by 1.4% in the 1st quarter. BlackRock Inc. now owns 35,469,236 shares of the oil and gas company’s stock valued at $549,064,000 after purchasing an additional 476,464 shares during the period. Blackstone Inc. bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at about $483,016,000. Cerberus Capital Management L.P. bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at about $188,486,000. Finally, Macquarie Group Ltd. raised its holdings in shares of Patterson-UTI Energy by 1.6% in the 2nd quarter. Macquarie Group Ltd. now owns 13,463,553 shares of the oil and gas company’s stock valued at $212,186,000 after purchasing an additional 215,120 shares during the period. 97.91% of the stock is owned by institutional investors.

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.