Barclays Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $12.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price reduced by Barclays from $14.00 to $12.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other equities analysts also recently commented on PTEN. Morgan Stanley cut their price objective on 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. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Susquehanna reduced their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Piper Sandler dropped their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Citigroup decreased their target price on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.54.

Patterson-UTI Energy Stock Up 0.1 %

Shares of PTEN opened at $7.98 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The business has a fifty day moving average of $8.45 and a 200 day moving average of $9.88. The company has a market cap of $3.14 billion, a PE ratio of 25.74 and a beta of 2.12. Patterson-UTI Energy has a 52-week low of $7.45 and a 52-week high of $14.26.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. On average, sell-side analysts expect that Patterson-UTI Energy will post 0.22 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.08 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 4.01%. Patterson-UTI Energy’s dividend payout ratio (DPR) is 103.23%.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after purchasing an additional 1,554,020 shares in the last quarter. Pacer Advisors Inc. purchased a new position in shares of Patterson-UTI Energy in the second quarter worth $152,265,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Patterson-UTI Energy by 10.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company’s stock worth $87,208,000 after buying an additional 703,536 shares during the period. Deprince Race & Zollo Inc. grew its holdings in shares of Patterson-UTI Energy by 14.7% during the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock valued at $62,880,000 after buying an additional 778,581 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after acquiring an additional 2,191,330 shares during the period. Institutional investors and hedge funds 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.