Patterson-UTI Energy (NASDAQ:PTEN) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

Several other brokerages have also commented on PTEN. Bank of America decreased their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating for the company in a report on Monday, July 15th. Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating for the company in a report on Tuesday, July 16th. Citigroup cut their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a buy rating on the stock in a report on Friday, September 13th. Barclays decreased their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an overweight rating for the company in a research report on Friday, August 16th. Finally, Morgan Stanley dropped their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an equal weight rating on the stock in a research report on Monday, September 16th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of Moderate Buy and an average target price of $13.13.

Patterson-UTI Energy Stock Up 2.3 %

Patterson-UTI Energy stock opened at $8.48 on Friday. Patterson-UTI Energy has a twelve month low of $7.45 and a twelve month high of $14.26. The business has a fifty day moving average of $8.74 and a two-hundred day moving average of $10.13. The firm has a market cap of $3.33 billion, a P/E ratio of 12.47 and a beta of 2.12. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27.

Patterson-UTI Energy (NASDAQ:PTEN) last posted 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). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. On average, analysts forecast that Patterson-UTI Energy will post 0.28 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC increased its stake in Patterson-UTI Energy by 218.3% in the 3rd quarter. SG Americas Securities LLC now owns 157,776 shares of the oil and gas company’s stock valued at $1,207,000 after buying an additional 108,203 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 3,087 shares in the last quarter. Ashburton Jersey Ltd purchased a new position in Patterson-UTI Energy during the second quarter worth about $767,000. Sanctuary Advisors LLC purchased a new position in Patterson-UTI Energy during the second quarter worth about $486,000. Finally, Creative Planning lifted its position in Patterson-UTI Energy by 32.1% in the second quarter. Creative Planning now owns 64,635 shares of the oil and gas company’s stock valued at $670,000 after purchasing an additional 15,696 shares during the period. 97.91% of the stock is currently owned by hedge funds and other 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.