Patterson-UTI Energy, Inc. (PTEN) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have earned an average recommendation of “Hold” from the twenty-two brokerages that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and twelve have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $19.71.

Several equities research analysts recently commented on PTEN shares. Bank of America set a $20.00 price target on Patterson-UTI Energy and gave the company a “hold” rating in a report on Tuesday, March 5th. Zacks Investment Research raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Friday, February 1st. BidaskClub cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Thursday, April 25th. Piper Jaffray Companies set a $20.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, February 8th. Finally, ValuEngine raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Monday, April 1st.

Shares of NASDAQ:PTEN traded down $0.40 during midday trading on Friday, hitting $12.47. The company had a trading volume of 4,645,917 shares, compared to its average volume of 4,117,126. Patterson-UTI Energy has a twelve month low of $9.49 and a twelve month high of $23.99. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.69 and a current ratio of 1.82. The stock has a market cap of $2.68 billion, a PE ratio of -36.68 and a beta of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative return on equity of 1.89% and a negative net margin of 9.80%. The firm had revenue of $704.17 million during the quarter, compared to analysts’ expectations of $694.10 million. During the same quarter last year, the firm earned ($0.16) earnings per share. The business’s revenue for the quarter was down 13.0% on a year-over-year basis. As a group, analysts predict that Patterson-UTI Energy will post -0.68 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $0.16 annualized dividend and a yield of 1.28%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -47.06%.

Patterson-UTI Energy announced that its board has initiated a stock repurchase program on Thursday, February 7th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the oil and gas company to buy up to 9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC increased its stake in Patterson-UTI Energy by 129.0% during the first quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 1,342 shares during the last quarter. Captrust Financial Advisors acquired a new stake in Patterson-UTI Energy during the fourth quarter worth $25,000. Advisor Group Inc. increased its stake in Patterson-UTI Energy by 67.3% during the first quarter. Advisor Group Inc. now owns 2,836 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,141 shares during the last quarter. Quantamental Technologies LLC acquired a new stake in Patterson-UTI Energy during the fourth quarter worth $68,000. Finally, Meeder Asset Management Inc. acquired a new stake in Patterson-UTI Energy during the fourth quarter worth $69,000. 95.75% of the stock is owned by institutional investors.

Patterson-UTI Energy Company Profile

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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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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