Patterson-UTI Energy (NASDAQ:PTEN) Sets New 12-Month Low - What's Next?

Key Points

• Patterson-UTI Energy reached a new 52-week low of $5.12 as analysts have adjusted their price targets, with most now recommending a "Hold" rating and an average target price of $7.90.
• The company reported a loss of $0.06 earnings per share, missing the consensus estimate and representing a 9.6% decline in revenue compared to the same quarter last year.
• Patterson-UTI Energy recently declared a quarterly dividend of $0.08, indicating a dividend yield of 6.2% despite a negative payout ratio of -11.59%.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) hit a new 52-week low during trading on Tuesday . The stock traded as low as $5.12 and last traded at $5.16, with a volume of 1671597 shares traded. The stock had previously closed at $5.32.

Analysts Set New Price Targets

PTEN has been the subject of several research reports. Susquehanna reduced their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a research report on Wednesday, September 3rd. Barclays reduced their price target on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, July 29th. Zacks Research upgraded shares of Patterson-UTI Energy from a "strong sell" rating to a "hold" rating in a report on Thursday, September 25th. Stifel Nicolaus reduced 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 note on Friday, July 25th. Finally, Royal Bank Of Canada reduced their price objective on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a research report on Friday, July 25th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $7.90.

Patterson-UTI Energy Trading Down 3.5%

The company's fifty day moving average price is $5.63 and its two-hundred day moving average price is $6.08. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. The firm has a market cap of $1.98 billion, a P/E ratio of -1.86 and a beta of 1.35.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share 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 firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the company posted $0.03 EPS. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. 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. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.32 annualized dividend and a dividend yield of 6.2%. Patterson-UTI Energy's dividend payout ratio is presently -11.59%.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its holdings in Patterson-UTI Energy by 23.4% during the 2nd quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company's stock worth $85,769,000 after acquiring an additional 2,746,159 shares during the last quarter. Sourcerock Group LLC grew its holdings in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock worth $81,856,000 after acquiring an additional 7,205,652 shares during the last quarter. ARGA Investment Management LP boosted its stake in shares of Patterson-UTI Energy by 3.5% in the 2nd quarter. ARGA Investment Management LP now owns 13,238,092 shares of the oil and gas company's stock valued at $78,502,000 after purchasing an additional 453,519 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Patterson-UTI Energy by 1.5% in the 2nd quarter. Bank of America Corp DE now owns 5,710,369 shares of the oil and gas company's stock valued at $33,862,000 after purchasing an additional 82,817 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Patterson-UTI Energy by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock valued at $39,024,000 after purchasing an additional 220,422 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

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.

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