Bernstein Bank began coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report sent to investors on Tuesday, Stock Target Advisor reports. The firm issued an underperform rating and a $7.50 target price on the oil and gas company’s stock.
Other equities research analysts also recently issued reports about the company. Sanford C. Bernstein assumed coverage on Patterson-UTI Energy in a research report on Monday. They issued an underperform rating and a $7.50 target price for the company. Bank of America downgraded Patterson-UTI Energy from a buy rating to a neutral rating in a research report on Tuesday, October 8th. AltaCorp Capital downgraded Patterson-UTI Energy from an outperform rating to an underperform rating in a research report on Wednesday, December 18th. Credit Suisse Group downgraded Patterson-UTI Energy from a neutral rating to an underperform rating and cut their price objective for the company from $11.00 to $6.50 in a research report on Tuesday, December 3rd. Finally, Barclays reiterated a hold rating and set a $9.00 price objective on shares of Patterson-UTI Energy in a research report on Friday, October 25th. Seven investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $10.87.
PTEN traded down $0.09 during trading on Tuesday, reaching $9.95. The stock had a trading volume of 2,916,506 shares, compared to its average volume of 2,951,976. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of -29.09 and a beta of 1.69. The company has a quick ratio of 1.46, a current ratio of 1.54 and a debt-to-equity ratio of 0.34. Patterson-UTI Energy has a 1-year low of $7.67 and a 1-year high of $16.27. The stock has a 50 day moving average of $10.05 and a two-hundred day moving average of $9.53.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.03. The firm had revenue of $598.50 million during the quarter, compared to the consensus estimate of $604.66 million. Patterson-UTI Energy had a negative return on equity of 3.85% and a negative net margin of 19.50%. The firm’s revenue for the quarter was down 31.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.10) earnings per share. On average, research analysts forecast that Patterson-UTI Energy will post -0.99 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.61%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
In other news, Director Terry H. Hunt sold 5,900 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $10.49, for a total transaction of $61,891.00. Following the completion of the sale, the director now owns 91,670 shares in the company, valued at approximately $961,618.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.00% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC lifted its holdings in shares of Patterson-UTI Energy by 165.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,138 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 1,955 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at $122,000. World Asset Management Inc lifted its holdings in shares of Patterson-UTI Energy by 8.2% in the third quarter. World Asset Management Inc now owns 16,803 shares of the oil and gas company’s stock valued at $144,000 after purchasing an additional 1,276 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at $147,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at $157,000. Institutional investors own 98.00% of the company’s stock.
Patterson-UTI Energy Company Profile
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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