Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $14.00

Patterson-UTI Energy (NASDAQ:PTEN - Free Report) had its price objective decreased by Bank of America from $14.50 to $14.00 in a research report report published on Monday morning, Benzinga reports. Bank of America currently has a buy rating on the oil and gas company's stock.

Several other research analysts also recently weighed in on the company. Raymond James lowered their target price 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. Royal Bank of Canada dropped their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating on the stock in a research note on Friday, February 16th. StockNews.com cut shares of Patterson-UTI Energy from a hold rating to a sell rating in a research note on Tuesday, April 2nd. Evercore ISI dropped their price target on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an outperform rating on the stock in a research note on Tuesday, February 20th. Finally, The Goldman Sachs Group began coverage on shares of Patterson-UTI Energy in a report on Tuesday, December 19th. They set a neutral rating and a $12.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $16.17.

Patterson-UTI Energy Stock Performance

PTEN stock traded down $0.19 on Monday, hitting $11.49. The company's stock had a trading volume of 4,658,957 shares, compared to its average volume of 6,594,302. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of 11.38, a price-to-earnings-growth ratio of 1.19 and a beta of 2.22. The firm has a 50 day moving average of $11.63 and a two-hundred day moving average of $11.67. 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.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 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 business 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 0.64 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy's dividend payout ratio (DPR) is presently 31.68%.

Insider Buying and Selling

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.40% of the company's stock.

Institutional Trading of Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in 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 raised its position in shares of Patterson-UTI Energy by 320.7% in the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company's stock valued at $25,000 after buying an additional 1,594 shares during the last quarter. CWM LLC lifted its stake in shares of Patterson-UTI Energy by 40.9% during the third 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 period. Coppell Advisory Solutions Corp. acquired a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $47,000. Finally, Quarry LP grew its stake in 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 worth $34,000 after acquiring an additional 1,714 shares during the period. 97.91% 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, 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.