Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $11.00 at Citigroup

Patterson-UTI Energy (NASDAQ:PTEN) had its price target cut by Citigroup from $12.50 to $11.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

Other equities research analysts have also issued reports about the company. Susquehanna decreased their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a positive rating for the company in a research report on Thursday, July 11th. Piper Sandler decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an overweight rating for the company in a report on Monday, July 15th. ATB Capital dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an outperform rating on the stock in a research note on Wednesday, September 4th. Bank of America dropped their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating on the stock in a research report on Monday, July 15th. Finally, Barclays reduced their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an overweight rating for the company in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $13.13.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $8.13 on Friday. Patterson-UTI Energy has a one year low of $7.60 and a one year high of $15.97. The company has a 50-day moving average of $9.36 and a two-hundred day moving average of $10.47. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The stock has a market cap of $3.27 billion, a price-to-earnings ratio of 11.96 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. On average, equities research analysts expect that Patterson-UTI Energy will post 0.3 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a $0.08 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.94%. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its position in Patterson-UTI Energy by 92.1% in the fourth quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock valued at $9,809,000 after acquiring an additional 435,490 shares during the period. Pingora Partners LLC acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at $245,000. CANADA LIFE ASSURANCE Co boosted its stake in shares of Patterson-UTI Energy by 25.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock valued at $5,931,000 after purchasing an additional 100,626 shares in the last quarter. Edmond DE Rothschild Holding S.A. increased its position in shares of Patterson-UTI Energy by 37.8% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,350,000 shares of the oil and gas company’s stock worth $14,580,000 after purchasing an additional 370,000 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

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.