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

Key Points

• Patterson-UTI Energy has received a consensus rating of "Hold" from ten research firms, with six analysts recommending hold and four recommending buy, while the average target price is set at $7.90.
• The company reported a loss of ($0.06) EPS for the last quarter, missing expectations, and its quarterly revenue decreased by 9.6% compared to the last year.
• Patterson-UTI Energy announced a quarterly dividend of $0.08, which equates to an annualized dividend yield of 5.9%.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has received a consensus recommendation of "Hold" from the ten research firms that are covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $7.90.

Several equities analysts recently commented on PTEN shares. Royal Bank Of Canada reduced their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a research report on Friday, July 25th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Susquehanna reduced their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a research report on Wednesday, September 3rd. JPMorgan Chase & Co. reduced their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Finally, Barclays reduced their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, July 29th.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. State of Wyoming purchased a new position in shares of Patterson-UTI Energy in the 1st quarter worth about $54,000. Blue Trust Inc. boosted its holdings in shares of Patterson-UTI Energy by 42.9% in the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after purchasing an additional 2,153 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Patterson-UTI Energy by 41.0% in the 1st 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 in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Patterson-UTI Energy by 494.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after purchasing an additional 7,171 shares in the last quarter. Finally, Hodges Capital Management Inc. purchased a new position in shares of Patterson-UTI Energy in the 1st quarter worth about $82,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $5.39 on Tuesday. Patterson-UTI Energy has a 52 week low of $5.12 and a 52 week high of $9.57. The business has a 50-day simple moving average of $5.67 and a 200 day simple moving average of $6.16. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -1.95 and a beta of 1.35.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.The business had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the previous year, the firm earned $0.03 earnings per share. Patterson-UTI Energy's quarterly revenue was down 9.6% compared to the same quarter last year. On average, research 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 disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date was Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is presently -11.59%.

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.

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