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

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

A number of other brokerages have also commented on PTEN. The Goldman Sachs Group started coverage on Patterson-UTI Energy in a research note on Tuesday, December 19th. They issued a neutral rating and a $12.00 price target for the company. Benchmark downgraded Patterson-UTI Energy from a buy rating to a hold rating in a report on Tuesday, January 16th. Raymond James reduced their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a report on Friday, February 16th. Evercore ISI cut their price target on Patterson-UTI Energy from $19.00 to $18.00 and set an outperform rating for the company in a research note on Tuesday, February 20th. Finally, Royal Bank of Canada cut their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating for the company in a research note on Friday, February 16th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of Moderate Buy and an average target price of $16.33.

Patterson-UTI Energy Stock Down 0.9 %

Shares of NASDAQ PTEN opened at $11.94 on Monday. Patterson-UTI Energy has a one year low of $9.70 and a one year high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The firm’s 50 day simple moving average is $11.30 and its two-hundred day simple moving average is $11.98. The stock has a market capitalization of $4.87 billion, a P/E ratio of 11.82, a PEG ratio of 1.14 and a beta of 2.22.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.50 billion. As a group, analysts expect that Patterson-UTI Energy will post 0.67 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.08 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.32 annualized dividend and a dividend yield of 2.68%. Patterson-UTI Energy’s dividend payout ratio (DPR) is 31.68%.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the sale, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in PTEN. Citigroup Inc. boosted its position in Patterson-UTI Energy by 2.2% during the first quarter. Citigroup Inc. now owns 212,072 shares of the oil and gas company’s stock valued at $3,283,000 after purchasing an additional 4,464 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at $187,000. Natixis Advisors L.P. purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at $460,000. MetLife Investment Management LLC raised its holdings in shares of Patterson-UTI Energy by 15.7% in the 1st quarter. MetLife Investment Management LLC now owns 223,039 shares of the oil and gas company’s stock valued at $3,453,000 after buying an additional 30,250 shares during the period. Finally, Rhumbline Advisers increased its holdings in Patterson-UTI Energy by 1.5% during the 1st quarter. Rhumbline Advisers now owns 601,506 shares of the oil and gas company’s stock worth $9,311,000 after purchasing an additional 9,136 shares during the period. Hedge funds and other institutional investors 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.