Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $8.27 Average Price Target from Brokerages

Key Points

• Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received a consensus recommendation of "Hold" from eleven ratings firms, with six hold ratings and five buy ratings.
• The company recently reported a loss of $0.06 EPS for the last quarter, missing analysts' estimates and experiencing a 9.6% decline in quarterly revenue year-over-year.
• Patterson-UTI Energy declared a quarterly dividend of $0.08 per share, with an annualized dividend yield of 5.6%, despite a negative payout ratio of -11.59%.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has earned a consensus recommendation of "Hold" from the eleven analysts that are currently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $8.2727.

Several equities research analysts recently commented on the company. Susquehanna dropped their price objective on 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. Royal Bank Of Canada lowered their target price on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Piper Sandler began coverage on shares of Patterson-UTI Energy in a report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target on the stock. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research note on Friday, May 16th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in Patterson-UTI Energy during the fourth quarter valued at approximately $42,000. State of Wyoming bought a new position in shares of Patterson-UTI Energy during the 1st quarter valued at about $54,000. Blue Trust Inc. grew its position in shares of Patterson-UTI Energy by 42.9% during the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock valued at $59,000 after purchasing an additional 2,153 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Patterson-UTI Energy by 41.0% in the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock worth $65,000 after purchasing an additional 2,323 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after buying an additional 7,171 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Up 1.2%

Shares of PTEN traded up $0.07 on Friday, hitting $5.81. 7,014,344 shares of the stock traded hands, compared to its average volume of 7,800,461. The company has a market capitalization of $2.24 billion, a PE ratio of -2.11 and a beta of 1.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The business has a 50 day simple moving average of $5.88 and a 200 day simple moving average of $6.47. Patterson-UTI Energy has a one year low of $5.12 and a one year high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the company posted $0.03 earnings per share. The business's revenue was down 9.6% compared to the same quarter last year. As a group, equities analysts forecast that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is -11.59%.

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.