Bank of America began coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage issued a buy rating on the oil and gas company’s stock.

PTEN has been the subject of a number of other reports. Zacks Investment Research raised Patterson-UTI Energy from a sell rating to a hold rating in a research report on Friday, August 17th. Wolfe Research started coverage on Patterson-UTI Energy in a research report on Wednesday, October 10th. They issued a peer perform rating for the company. BidaskClub raised Patterson-UTI Energy from a strong sell rating to a sell rating in a research report on Thursday, September 13th. ValuEngine downgraded Patterson-UTI Energy from a hold rating to a sell rating in a research note on Friday, September 7th. Finally, BMO Capital Markets set a $23.00 price target on Patterson-UTI Energy and gave the company a buy rating in a research note on Wednesday, July 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued a buy rating to the company. Patterson-UTI Energy currently has a consensus rating of Buy and a consensus price target of $23.88.

Shares of Patterson-UTI Energy stock opened at $16.17 on Wednesday. Patterson-UTI Energy has a one year low of $14.60 and a one year high of $25.03. The stock has a market capitalization of $3.58 billion, a P/E ratio of -20.21 and a beta of 1.14. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.68 and a quick ratio of 1.54.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). Patterson-UTI Energy had a net margin of 3.72% and a negative return on equity of 2.64%. The firm had revenue of $854.42 million during the quarter, compared to the consensus estimate of $866.96 million. During the same period in the previous year, the firm earned ($0.46) earnings per share. The business’s quarterly revenue was up 47.5% on a year-over-year basis. Analysts expect that Patterson-UTI Energy will post -0.42 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Shareholders of record on Thursday, September 6th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, September 5th. This represents a $0.16 dividend on an annualized basis and a yield of 0.99%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -20.00%.

Hedge funds have recently added to or reduced their stakes in the business. WINTON GROUP Ltd purchased a new position in shares of Patterson-UTI Energy in the 1st quarter worth approximately $180,000. Wealthsource Partners LLC purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $198,000. Edgestream Partners L.P. purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $210,000. Sawtooth Solutions LLC purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $304,000. Finally, First Allied Advisory Services Inc. purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $325,000. Institutional investors and hedge funds own 96.27% of the company’s stock.

About Patterson-UTI Energy

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 two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, 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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