Patterson-UTI Energy (NASDAQ:PTEN) Earns Hold Rating from Benchmark

Benchmark reaffirmed their hold rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note published on Monday morning, Benzinga reports.

PTEN has been the topic of several other reports. Royal Bank of Canada dropped their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating on the stock in a report on Friday, February 16th. Susquehanna reissued a positive rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Evercore ISI reduced their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating for the company in a research report on Friday. Bank of America decreased their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a buy rating on the stock in a report on Monday, April 15th. Finally, Piper Sandler cut their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an overweight rating for the company in a research note on Monday. One research analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of Moderate Buy and a consensus price target of $15.67.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $10.97 on Monday. The company has a market capitalization of $4.42 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 1.57 and a beta of 2.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. The company’s fifty day moving average price is $11.62 and its 200 day moving average price is $11.44. Patterson-UTI Energy has a 1 year low of $9.70 and a 1 year high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the prior year, the company posted $0.46 EPS. On average, research analysts predict that Patterson-UTI Energy will post 0.59 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 2.92%. Patterson-UTI Energy’s payout ratio is 47.06%.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PTEN. Capital Advisors Ltd. LLC acquired a new stake in Patterson-UTI Energy during the third quarter worth about $25,000. Fortitude Family Office LLC grew its stake in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,594 shares during the period. Lindbrook Capital LLC increased its holdings in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after buying an additional 1,332 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $40,000. Finally, Parkside Financial Bank & Trust lifted its holdings in Patterson-UTI Energy by 635.8% in the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 2,594 shares during the last quarter. 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.