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 target price cut by Royal Bank Of Canada from $9.00 to $8.50 in a research note published on Friday morning,Benzinga reports. They currently have an outperform rating on the oil and gas company's stock.

Several other equities analysts have also recently commented on the stock. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research report on Wednesday, June 4th. 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 research report on Friday, May 16th. Piper Sandler assumed coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price for the company. 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 research report on Monday, April 28th. Finally, Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $8.36.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN traded down $0.18 during trading on Friday, reaching $5.92. The company's stock had a trading volume of 10,520,865 shares, compared to its average volume of 9,258,117. The company has a current ratio of 1.73, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of -2.14 and a beta of 1.32. Patterson-UTI Energy has a 12 month low of $5.12 and a 12 month high of $11.07. The firm has a 50 day moving average price of $6.04 and a 200 day moving average price of $7.00.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.24 billion. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The business's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 EPS. As a group, equities analysts anticipate that Patterson-UTI Energy will post -0.1 EPS 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. Investors 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 5.41%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is -11.59%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the company'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 value of $32,890.00. Following the completion of the transaction, the director directly owned 999,754 shares in the company, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. acquired a new position in Patterson-UTI Energy in the 2nd quarter valued at approximately $173,000. Yousif Capital Management LLC increased its position in Patterson-UTI Energy by 1.8% in 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 during the period. Brucke Financial Inc. increased its position in Patterson-UTI Energy by 14.4% in 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 during the period. Callan Family Office LLC acquired a new position in Patterson-UTI Energy in the 2nd quarter valued at approximately $210,000. Finally, Gagnon Securities LLC increased its position in Patterson-UTI Energy by 27.2% in the 2nd quarter. Gagnon Securities LLC now owns 204,395 shares of the oil and gas company's stock valued at $1,212,000 after acquiring an additional 43,705 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.