Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $12.50

Patterson-UTI Energy (NASDAQ:PTEN) had its price target decreased by Bank of America from $14.00 to $12.50 in a report issued on Monday, Benzinga reports. Bank of America currently has a buy rating on the oil and gas company’s stock.

Other research analysts have also issued research reports about the company. Piper Sandler cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an overweight rating on the stock in a research report on Monday. Benchmark reiterated a hold rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. StockNews.com cut shares of Patterson-UTI Energy from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Susquehanna dropped their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a positive rating on the stock in a research report on Thursday, July 11th. Finally, Evercore ISI decreased their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating for the company in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of Moderate Buy and a consensus price target of $14.95.

Patterson-UTI Energy Trading Down 2.6 %

Shares of Patterson-UTI Energy stock opened at $10.71 on Monday. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26. The company has a fifty day simple moving average of $10.45 and a 200-day simple moving average of $10.95. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of 15.75 and a beta of 2.19. Patterson-UTI Energy has a 12-month low of $9.51 and a 12-month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the company earned $0.46 earnings per share. On average, equities analysts forecast that Patterson-UTI Energy will post 0.49 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the transaction, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently bought and sold shares of the stock. Comerica Bank increased its position in Patterson-UTI Energy by 63.2% during the 3rd quarter. Comerica Bank now owns 317,911 shares of the oil and gas company’s stock worth $4,400,000 after purchasing an additional 123,104 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Patterson-UTI Energy by 5.4% in the third quarter. Wellington Management Group LLP now owns 807,234 shares of the oil and gas company’s stock valued at $11,172,000 after buying an additional 41,375 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Patterson-UTI Energy by 58.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 111,685 shares of the oil and gas company’s stock valued at $1,545,000 after buying an additional 41,377 shares during the period. Vanguard Group Inc. grew its stake in Patterson-UTI Energy by 74.9% in the 3rd quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock worth $597,807,000 after acquiring an additional 18,495,822 shares during the period. Finally, Raymond James & Associates raised its holdings in Patterson-UTI Energy by 22.2% in the 4th quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock valued at $6,836,000 after acquiring an additional 114,868 shares during the last quarter. Hedge funds and other 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.