Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s stock price was down 5.5% during mid-day trading on Friday . The company traded as low as $7.87 and last traded at $7.90, approximately 3,663,056 shares were traded during trading. A decline of 7% from the average daily volume of 3,950,717 shares. The stock had previously closed at $8.36.
A number of research analysts have recently issued reports on PTEN shares. Piper Jaffray Companies reduced their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. ValuEngine raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. UBS Group set a $17.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, July 26th. Credit Suisse Group reduced their price objective on Patterson-UTI Energy from $14.00 to $11.00 and set a “neutral” rating on the stock in a research note on Friday, July 26th. Finally, Scotiabank cut Patterson-UTI Energy from a “sector outperform” rating to a “sector perform” rating and set a $9.00 price objective on the stock. in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $14.68.
The company has a quick ratio of 1.76, a current ratio of 1.91 and a debt-to-equity ratio of 0.35. The stock’s fifty day moving average price is $10.20 and its two-hundred day moving average price is $12.39. The company has a market capitalization of $1.70 billion, a PE ratio of -23.24 and a beta of 1.43.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.71%. The business had revenue of $675.77 million during the quarter, compared to analyst estimates of $670.28 million. During the same period last year, the business posted ($0.05) earnings per share. Patterson-UTI Energy’s quarterly revenue was down 20.9% compared to the same quarter last year. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.91 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, September 5th will be issued a $0.04 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $0.16 annualized dividend and a yield of 2.03%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Nomura Holdings Inc. grew its position in Patterson-UTI Energy by 427.9% in the 2nd quarter. Nomura Holdings Inc. now owns 150,483 shares of the oil and gas company’s stock worth $1,775,000 after purchasing an additional 121,976 shares during the period. Natixis grew its position in Patterson-UTI Energy by 48.6% in the 2nd quarter. Natixis now owns 1,190,059 shares of the oil and gas company’s stock worth $13,698,000 after purchasing an additional 389,379 shares during the period. Prudential PLC grew its position in Patterson-UTI Energy by 17.5% in the 2nd quarter. Prudential PLC now owns 3,573,704 shares of the oil and gas company’s stock worth $41,148,000 after purchasing an additional 531,000 shares during the period. Royal Bank of Canada grew its position in Patterson-UTI Energy by 23.0% in the 2nd quarter. Royal Bank of Canada now owns 240,489 shares of the oil and gas company’s stock worth $2,768,000 after purchasing an additional 44,964 shares during the period. Finally, Nuveen Asset Management LLC bought a new stake in Patterson-UTI Energy in the 2nd quarter worth approximately $9,870,000. Institutional investors and hedge funds own 99.60% of the company’s stock.
Patterson-UTI Energy Company Profile (NASDAQ:PTEN)
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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