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

Key Points

• Patterson-UTI Energy, Inc. has received an average consensus rating of "Hold" from 11 analysts, with 6 hold ratings and 5 buy ratings; the average price target is $8.27.
• Recently, several analysts have lowered their price targets for Patterson-UTI Energy, with Barclays cutting it from $8.00 to $7.00.
• The company reported a negative earnings per share of ($0.06) for the last quarter, missing estimates, and experienced a revenue decline of 9.6% compared to the previous year.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has earned an average rating of "Hold" from the eleven research firms that are covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $8.2727.

PTEN has been the topic of a number of research analyst reports. Barclays reduced their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. Piper Sandler assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target for the company. Citigroup reiterated a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday, May 19th. Morgan Stanley cut their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Finally, Royal Bank Of Canada cut their target price on 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.

Insider Activity

In related news, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the transaction, the director owned 999,754 shares in the company, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $42,000. State of Wyoming purchased a new position in Patterson-UTI Energy in the 1st quarter worth $54,000. Blue Trust Inc. raised its stake in 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 acquiring an additional 2,153 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in Patterson-UTI Energy by 41.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock valued at $65,000 after purchasing an additional 2,323 shares during the last quarter. Finally, Hodges Capital Management Inc. acquired a new position in shares of Patterson-UTI Energy in the first quarter valued at about $82,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock traded up $0.12 during mid-day trading on Monday, hitting $5.59. 8,619,109 shares of the company traded hands, compared to its average volume of 9,158,463. Patterson-UTI Energy has a one year low of $5.12 and a one year high of $9.66. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of -2.03 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 stock has a fifty day moving average price of $6.06 and a 200-day moving average price of $6.86.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly 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 period last year, the business posted $0.03 earnings per share. The company's revenue was down 9.6% compared to the same quarter last year. On average, equities analysts predict that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.7%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -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.