Patterson-UTI Energy (NASDAQ:PTEN) Stock Rating Upgraded by StockNews.com

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

Several other equities analysts have also recently commented on PTEN. Benchmark restated a hold rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating for the company in a research note on Tuesday, July 16th. Susquehanna reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a positive rating on the stock in a report on Thursday, July 11th. Evercore ISI lowered their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating for the company in a report on Friday, May 3rd. Finally, Piper Sandler reduced 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. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $14.77.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $10.17 on Friday. The firm has a market cap of $4.09 billion, a PE ratio of 14.96 and a beta of 2.19. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.50 and a quick ratio of 1.30. The stock’s fifty day moving average price is $10.33 and its two-hundred day moving average price is $10.94. Patterson-UTI Energy has a one year low of $9.51 and a one year high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter last year, the business earned $0.46 earnings per share. As a group, research analysts expect that Patterson-UTI Energy will post 0.48 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 47.06%.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now directly owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PTEN. Hara Capital LLC increased its stake in shares of Patterson-UTI Energy by 23.2% in the second quarter. Hara Capital LLC now owns 205,353 shares of the oil and gas company’s stock valued at $2,127,000 after buying an additional 38,691 shares during the period. Innealta Capital LLC bought a new stake in Patterson-UTI Energy in the second quarter valued at approximately $95,000. F M Investments LLC acquired a new stake in Patterson-UTI Energy during the 2nd quarter valued at approximately $5,698,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Patterson-UTI Energy by 9.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 79,406 shares of the oil and gas company’s stock worth $823,000 after purchasing an additional 7,146 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Patterson-UTI Energy by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,969,843 shares of the oil and gas company’s stock worth $41,128,000 after purchasing an additional 101,307 shares during the period. 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.