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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twelve analysts that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $9.50.

Several equities research analysts recently commented on the company. Citigroup reaffirmed a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. The Goldman Sachs Group cut their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. cut their price target on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Morgan Stanley cut their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Finally, Barclays cut their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded down $0.13 during mid-day trading on Friday, reaching $6.44. 15,585,954 shares of the stock traded hands, compared to its average volume of 9,969,101. The business has a 50-day moving average of $5.92 and a 200 day moving average of $7.34. Patterson-UTI Energy has a fifty-two week low of $5.12 and a fifty-two week high of $11.27. The stock has a market capitalization of $2.49 billion, a PE ratio of -2.48 and a beta of 1.31. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.36.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its 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 return on equity of 0.70% and a negative net margin of 19.78%. The business had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter in the prior year, the firm earned $0.15 earnings per share. The business's revenue was down 15.2% compared to the same quarter last year. On average, analysts predict that Patterson-UTI Energy will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.97%. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Insider Transactions at Patterson-UTI Energy

In other 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 transaction of $32,890.00. Following the completion of the transaction, the director now directly owns 999,754 shares in the company, 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 at the SEC website. Company insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. boosted its position in shares of Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock worth $140,046,000 after buying an additional 7,989,877 shares during the period. ARGA Investment Management LP boosted its holdings in Patterson-UTI Energy by 25.2% in 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 purchasing an additional 2,569,713 shares during the period. American Century Companies Inc. boosted its holdings in 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 valued at $96,317,000 after purchasing an additional 2,080,960 shares during the period. Norges Bank purchased a new position in Patterson-UTI Energy in the fourth quarter valued at $52,817,000. Finally, Invesco Ltd. boosted its holdings in Patterson-UTI Energy by 27.8% in the fourth 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 period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.