Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $8.50 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered its price target for Patterson-UTI Energy from $9.00 to $8.50, maintaining an "outperform" rating on the stock, which suggests a potential upside of 42.02%.
• Shares of Patterson-UTI Energy have recently seen a 1.9% decline, trading at $5.99, with a market capitalization of $2.31 billion.
• The company reported a quarterly loss with an earnings per share of (-$0.06), missing analysts' expectations, and showing a 9.6% decrease in revenue year-over-year.
• Analysts have given Patterson-UTI Energy an average rating of "Hold" with a consensus price target of $8.36, while a mix of ratings includes one sell, six hold, and five buy ratings.

Patterson-UTI Energy (NASDAQ:PTEN - Free Report) had its price objective cut by Royal Bank Of Canada from $9.00 to $8.50 in a research note issued to investors on Friday,Benzinga reports. They currently have an outperform rating on the oil and gas company's stock.

Several other equities analysts also recently commented on the stock. 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 on the stock. Morgan Stanley dropped their target price on shares of 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. Barclays dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a report on Friday. Finally, Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $8.27.

Patterson-UTI Energy Stock Up 0.4%

PTEN traded up $0.03 during trading on Friday, reaching $6.27. 4,730,693 shares of the stock were exchanged, compared to its average volume of 11,792,446. The stock has a market cap of $2.42 billion, a P/E ratio of -2.26 and a beta of 1.32. Patterson-UTI Energy has a twelve month low of $5.12 and a twelve month high of $11.07. The stock's 50 day moving average price is $6.04 and its two-hundred day moving average price is $6.98. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.50 and a current ratio of 1.73.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the firm posted $0.03 earnings per share. Patterson-UTI Energy's quarterly revenue was down 9.6% on a year-over-year basis. Equities analysts expect that Patterson-UTI Energy will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is presently -11.59%.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 999,754 shares of the company's stock, valued at $5,978,528.92. This trade represents a 0.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently modified their holdings of the stock. Stratos Wealth Partners LTD. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $81,000. Nordea Investment Management AB acquired a new stake in Patterson-UTI Energy in the 2nd quarter valued at $3,847,000. Envestnet Portfolio Solutions Inc. bought a new position in Patterson-UTI Energy during the 2nd quarter valued at $173,000. Yousif Capital Management LLC lifted its stake in Patterson-UTI Energy by 1.8% during the 2nd quarter. Yousif Capital Management LLC now owns 139,341 shares of the oil and gas company's stock valued at $826,000 after acquiring an additional 2,492 shares in the last quarter. Finally, Brucke Financial Inc. lifted its stake in Patterson-UTI Energy by 14.4% during the 2nd quarter. Brucke Financial Inc. now owns 19,175 shares of the oil and gas company's stock valued at $114,000 after acquiring an additional 2,417 shares in the last quarter. Institutional investors and hedge funds 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.