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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the twelve analysts that are presently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $9.50.

Several analysts have issued reports on PTEN shares. Susquehanna cut their price objective on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a report on Wednesday, June 4th. Barclays decreased their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Citigroup restated a "neutral" rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research note on Monday, May 19th. The Goldman Sachs Group dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Finally, Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th.

Patterson-UTI Energy Trading Up 2.8%

Shares of PTEN stock opened at $6.53 on Friday. The company has a market capitalization of $2.52 billion, a P/E ratio of -2.64 and a beta of 1.31. Patterson-UTI Energy has a twelve month low of $5.12 and a twelve month high of $11.27. The business's 50 day moving average is $5.90 and its two-hundred day moving average is $7.38. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.04. The business had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.18 billion. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The company's quarterly revenue was down 15.2% on a year-over-year basis. During the same period last year, the company earned $0.15 earnings per share. Equities analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $0.08 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.90%. Patterson-UTI Energy's dividend payout ratio is presently -12.31%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the sale, the director now directly owns 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 transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.40% of the company's stock.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently modified their holdings of the stock. Fuller & Thaler Asset Management Inc. grew its position in shares of Patterson-UTI Energy by 89.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock valued at $140,046,000 after acquiring an additional 7,989,877 shares during the period. ARGA Investment Management LP boosted its stake in Patterson-UTI Energy by 25.2% during the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company's stock valued at $105,089,000 after buying an additional 2,569,713 shares during the period. American Century Companies Inc. increased its position in shares of Patterson-UTI Energy by 21.6% in the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company's stock worth $96,317,000 after purchasing an additional 2,080,960 shares during the last quarter. Norges Bank bought a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $52,817,000. Finally, Invesco Ltd. increased its position in shares of Patterson-UTI Energy by 27.8% during the 4th quarter. Invesco Ltd. now owns 6,208,086 shares of the oil and gas company's stock valued at $51,279,000 after purchasing an additional 1,351,001 shares during the last quarter. 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.

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