Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Patterson-UTI Energy has received a consensus rating of "Hold" from twelve brokerages, with one sell rating, eight hold ratings, and three buy ratings.
• The stock's average one-year price target is $7.80, while its current trading price is around $5.51.
• The company recently announced a quarterly dividend of $0.08, reflecting an annualized dividend yield of 5.8%.

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) have received a consensus rating of "Hold" from the twelve brokerages that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $7.80.

PTEN has been the topic of several research reports. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Patterson-UTI Energy in a report on Wednesday, October 8th. Susquehanna reduced their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a report on Wednesday, September 3rd. Royal Bank Of Canada reduced their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a report on Friday, July 25th. Zacks Research raised Patterson-UTI Energy from a "strong sell" rating to a "hold" rating in a report on Thursday, September 25th. Finally, Piper Sandler initiated coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price on the stock.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $5.51 on Friday. 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 business's 50-day simple moving average is $5.57 and its two-hundred day simple moving average is $5.85. The stock has a market cap of $2.12 billion, a PE ratio of -2.00 and a beta of 1.23. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. The business had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. As a group, analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is -11.59%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in Patterson-UTI Energy by 43.0% in the third quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company's stock worth $47,000 after acquiring an additional 2,717 shares in the last quarter. Wedge Capital Management L L P NC grew its position in Patterson-UTI Energy by 103.5% in the third quarter. Wedge Capital Management L L P NC now owns 564,630 shares of the oil and gas company's stock worth $2,925,000 after acquiring an additional 287,178 shares in the last quarter. Texas Permanent School Fund Corp grew its position in Patterson-UTI Energy by 22.1% in the second quarter. Texas Permanent School Fund Corp now owns 532,567 shares of the oil and gas company's stock worth $3,158,000 after acquiring an additional 96,370 shares in the last quarter. Orion Porfolio Solutions LLC grew its position in Patterson-UTI Energy by 64.0% in the second quarter. Orion Porfolio Solutions LLC now owns 17,349 shares of the oil and gas company's stock worth $103,000 after acquiring an additional 6,770 shares in the last quarter. Finally, State of Wyoming grew its position in Patterson-UTI Energy by 87.9% in the second quarter. State of Wyoming now owns 12,381 shares of the oil and gas company's stock worth $73,000 after acquiring an additional 5,791 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

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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