Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Consensus Rating of "Moderate Buy" by Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the twelve analysts that are currently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $9.50.

A number of brokerages have commented on PTEN. Susquehanna reduced their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research report on Wednesday, June 4th. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. The Goldman Sachs Group reduced their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Stifel Nicolaus reduced their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, Citigroup reiterated a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded up $0.02 during trading on Thursday, hitting $6.58. The company had a trading volume of 2,340,758 shares, compared to its average volume of 10,111,131. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.36. The stock's 50-day moving average is $6.02 and its two-hundred day moving average is $7.17. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of -2.53 and a beta of 1.32. Patterson-UTI Energy has a 52 week low of $5.12 and a 52 week high of $11.27.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 19.78% and a negative return on equity of 0.70%. The business had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same period last year, the business earned $0.15 earnings per share. The business's quarterly revenue was down 15.2% on a year-over-year basis. As a group, analysts predict that Patterson-UTI Energy will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date was Monday, June 2nd. Patterson-UTI Energy's payout ratio is -12.31%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the sale, the director owned 999,754 shares of the company's stock, valued at $5,978,528.92. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.40% of the stock is owned by insiders.

Institutional Trading of Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 3,218 shares during the period. Meeder Asset Management Inc. purchased a new stake in Patterson-UTI Energy in the fourth quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Patterson-UTI Energy in the fourth quarter worth $42,000. Smartleaf Asset Management LLC lifted its stake in Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after acquiring an additional 1,717 shares during the period. Finally, State of Wyoming purchased a new position in Patterson-UTI Energy during the first quarter valued at $54,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.