Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $11.00 by Analysts at Raymond James

Patterson-UTI Energy (NASDAQ:PTEN) had its price target cut by Raymond James from $12.00 to $11.00 in a report published on Friday morning, Benzinga reports. They currently have a strong-buy rating on the oil and gas company’s stock.

A number of other equities research analysts also recently issued reports on the company. ATB Capital lowered their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th. Barclays lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Piper Sandler lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Bank of America lowered their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research report on Monday, July 15th. Finally, Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average target price of $11.96.

Patterson-UTI Energy Trading Up 2.5 %

Shares of NASDAQ:PTEN traded up $0.20 during midday trading on Friday, reaching $8.17. The company’s stock had a trading volume of 12,017,020 shares, compared to its average volume of 7,090,941. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 26.35 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 has a 1 year low of $7.45 and a 1 year high of $13.29. The business has a 50 day moving average price of $8.35 and a 200 day moving average price of $9.73.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data 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). The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. Research analysts forecast that Patterson-UTI Energy will post 0.18 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is currently 103.23%.

Institutional Trading of Patterson-UTI Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bernzott Capital Advisors raised its stake in Patterson-UTI Energy by 26.8% during the third quarter. Bernzott Capital Advisors now owns 845,639 shares of the oil and gas company’s stock valued at $6,469,000 after buying an additional 178,703 shares in the last quarter. Canoe Financial LP raised its position in shares of Patterson-UTI Energy by 15,942.1% during the 3rd quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock worth $11,850,000 after purchasing an additional 1,514,500 shares during the period. State of Alaska Department of Revenue raised its position in shares of Patterson-UTI Energy by 12.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 204,108 shares of the oil and gas company’s stock worth $1,561,000 after purchasing an additional 22,506 shares during the period. Clear Harbor Asset Management LLC raised its position in shares of Patterson-UTI Energy by 8.2% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 73,917 shares of the oil and gas company’s stock worth $565,000 after purchasing an additional 5,622 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its position in shares of Patterson-UTI Energy by 47.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $75,000 after purchasing an additional 3,221 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.