Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price gapped down prior to trading on Friday . The stock had previously closed at $8.81, but opened at $8.98. Patterson-UTI Energy shares last traded at $9.24, with a volume of 90,391 shares changing hands.
A number of brokerages have weighed in on PTEN. Piper Jaffray Companies reduced their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, July 12th. AltaCorp Capital reissued an “outperform” rating on shares of Patterson-UTI Energy in a report on Thursday, June 20th. Raymond James set a $17.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Bank of America reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $14.43.
The business’s fifty day moving average price is $9.22 and its 200 day moving average price is $11.90. The company has a market capitalization of $1.96 billion, a P/E ratio of -26.79 and a beta of 1.52. The company has a current ratio of 1.91, a quick ratio of 1.76 and a debt-to-equity ratio of 0.35.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. The company had revenue of $675.77 million during the quarter, compared to the consensus estimate of $670.28 million. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.71%. The firm’s revenue for the quarter was down 20.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) EPS. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.9 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Wednesday, September 4th. Patterson-UTI Energy’s payout ratio is -47.06%.
In related news, Director Janeen S. Judah sold 5,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $9.05, for a total transaction of $45,250.00. Following the completion of the sale, the director now owns 27,023 shares in the company, valued at approximately $244,558.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Curtis W. Huff bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average price of $8.08 per share, with a total value of $202,000.00. Following the transaction, the director now directly owns 162,817 shares in the company, valued at $1,315,561.36. The disclosure for this purchase can be found here. Company insiders own 4.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in PTEN. Parallel Advisors LLC increased its position in shares of Patterson-UTI Energy by 129.0% during the 1st quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 1,342 shares in the last quarter. Quantamental Technologies LLC increased its position in shares of Patterson-UTI Energy by 173.2% during the 2nd quarter. Quantamental Technologies LLC now owns 6,041 shares of the oil and gas company’s stock worth $70,000 after purchasing an additional 3,830 shares in the last quarter. Machina Capital S.A.S. increased its position in shares of Patterson-UTI Energy by 1,559.1% during the 2nd quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock worth $76,000 after purchasing an additional 6,174 shares in the last quarter. KBC Group NV acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $78,000. Finally, M&T Bank Corp acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $122,000. Institutional investors and hedge funds own 98.39% of the company’s stock.
Patterson-UTI Energy Company Profile (NASDAQ:PTEN)
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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