Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Down 4.4% - What's Next?

Key Points

• Patterson-UTI Energy's stock price decreased 4.4% to $5.34, with trading volume notably down by 86% from its average session.
• The company reported a quarterly loss of ($0.06) EPS, underperforming the expected consensus of ($0.04), and a revenue of $1.22 billion—9.6% lower than the previous year's performance.
• Brokerage firms have issued mixed ratings, with four analysts rating it as a Buy and seven as a Hold, with an average price target of $7.90.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report)'s share price fell 4.4% during trading on Monday . The stock traded as low as $5.29 and last traded at $5.34. 1,510,168 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 10,911,656 shares. The stock had previously closed at $5.58.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PTEN. Royal Bank Of Canada decreased their target price 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. Piper Sandler started coverage on 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. Zacks Research upgraded Patterson-UTI Energy from a "strong sell" rating to a "hold" rating in a report on Thursday. Barclays cut their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, July 29th. Finally, Stifel Nicolaus cut their target price on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of "Hold" and a consensus price target of $7.90.

Patterson-UTI Energy Stock Down 4.9%

The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -1.93 and a beta of 1.35. 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 fifty day moving average price of $5.64 and a 200 day moving average price of $6.10.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its 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 during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the firm earned $0.03 earnings per share. The firm's revenue was down 9.6% compared to the same quarter last year. Sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a $0.08 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.0%. Patterson-UTI Energy's dividend payout ratio is currently -11.59%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake in shares of Patterson-UTI Energy by 11.9% during the 2nd quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company's stock worth $90,000 after buying an additional 1,615 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Patterson-UTI Energy by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company's stock worth $2,197,000 after buying an additional 1,915 shares during the last quarter. Readystate Asset Management LP boosted its stake in shares of Patterson-UTI Energy by 4.1% during the 1st quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock worth $426,000 after buying an additional 2,019 shares during the last quarter. Xponance Inc. boosted its stake in shares of Patterson-UTI Energy by 7.4% during the 1st quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock worth $245,000 after buying an additional 2,057 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Patterson-UTI Energy by 42.9% during the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after buying an additional 2,153 shares during the last quarter. 97.91% of the stock is 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.

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