Patterson-UTI Energy (NASDAQ:PTEN) Earns "Hold" Rating from Benchmark

Benchmark reiterated their hold rating on shares of Patterson-UTI Energy (NASDAQ:PTEN - Free Report) in a report issued on Monday morning, Benzinga reports.

A number of other research analysts have also commented on PTEN. Bank of America cut their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a buy rating for the company in a report on Monday, April 15th. Royal Bank of Canada decreased their price target on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating on the stock in a research report on Friday, February 16th. Susquehanna restated a positive rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a report on Monday, April 8th. Piper Sandler reduced their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an overweight rating for the company in a research note on Monday. Finally, Evercore ISI lowered their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $15.67.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN traded up $0.29 during midday trading on Monday, reaching $10.97. The stock had a trading volume of 7,833,979 shares, compared to its average volume of 6,639,877. The stock has a market capitalization of $4.42 billion, a P/E ratio of 15.71, a PEG ratio of 1.57 and a beta of 2.23. Patterson-UTI Energy has a 1-year low of $9.70 and a 1-year high of $16.17. 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 firm's fifty day simple moving average is $11.63 and its 200-day simple moving average is $11.46.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the business posted $0.46 earnings per share. On average, equities research analysts forecast that Patterson-UTI Energy will post 0.59 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.08 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.32 annualized dividend and a dividend yield of 2.92%. Patterson-UTI Energy's dividend payout ratio is currently 47.06%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction on Thursday, February 29th. The stock was 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently added to or reduced their stakes in PTEN. CWM LLC raised its stake in shares of Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company's stock valued at $48,000 after acquiring an additional 893 shares during the last quarter. Commerce Bank raised its position in Patterson-UTI Energy by 4.7% in the 4th quarter. Commerce Bank now owns 26,298 shares of the oil and gas company's stock valued at $284,000 after purchasing an additional 1,186 shares during the last quarter. Lindbrook Capital LLC boosted its stake in Patterson-UTI Energy by 66.5% in the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company's stock worth $40,000 after purchasing an additional 1,332 shares in the last quarter. Clarus Group Inc. grew its holdings in shares of Patterson-UTI Energy by 3.4% during the fourth quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company's stock worth $498,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Patterson-UTI Energy by 1.5% in the fourth quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company's stock valued at $1,074,000 after buying an additional 1,506 shares in the last quarter. 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.