ATB Capital Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $11.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective decreased by ATB Capital from $12.00 to $11.00 in a research note released on Wednesday, Benzinga reports. ATB Capital currently has an outperform rating on the oil and gas company’s stock.

PTEN has been the topic of a number of other research reports. Barclays reduced their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an overweight rating on the stock in a report on Friday, August 16th. StockNews.com downgraded Patterson-UTI Energy from a hold rating to a sell rating in a report on Monday, August 5th. Piper Sandler dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an overweight rating for the company in a research note on Monday, July 15th. Royal Bank of Canada reduced their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an outperform rating on the stock in a research report on Friday, July 26th. Finally, Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating for the company in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $14.29.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $8.20 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. Patterson-UTI Energy has a fifty-two week low of $8.15 and a fifty-two week high of $16.17. The firm has a market cap of $3.29 billion, a PE ratio of 12.06 and a beta of 2.13. The business has a 50 day moving average price of $9.61 and a 200-day moving average price of $10.63.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Equities research analysts predict that Patterson-UTI Energy will post 0.33 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its stake in Patterson-UTI Energy by 7.3% during the fourth quarter. Victory Capital Management Inc. now owns 87,339 shares of the oil and gas company’s stock valued at $943,000 after buying an additional 5,915 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Patterson-UTI Energy by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company’s stock worth $51,677,000 after purchasing an additional 177,428 shares during the last quarter. Picton Mahoney Asset Management bought a new position in Patterson-UTI Energy in the 4th quarter worth about $1,736,000. Teacher Retirement System of Texas boosted its stake in Patterson-UTI Energy by 11.3% in the 4th quarter. Teacher Retirement System of Texas now owns 43,546 shares of the oil and gas company’s stock worth $470,000 after purchasing an additional 4,407 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in Patterson-UTI Energy by 92.1% during the 4th quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock valued at $9,809,000 after purchasing an additional 435,490 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

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.