Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given an average rating of “Buy” by the twenty-three ratings firms that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $24.31.

A number of equities analysts recently weighed in on PTEN shares. ValuEngine lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Friday, September 7th. Zacks Investment Research lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, September 10th. Macquarie upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research report on Thursday, July 26th. BidaskClub raised shares of Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 13th. Finally, Guggenheim downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note on Friday, July 6th.

PTEN traded down $0.16 on Friday, reaching $17.13. 359,774 shares of the company’s stock were exchanged, compared to its average volume of 2,742,814. The firm has a market capitalization of $3.90 billion, a PE ratio of -21.19 and a beta of 1.17. Patterson-UTI Energy has a twelve month low of $14.60 and a twelve month high of $25.03. The company has a current ratio of 1.68, a quick ratio of 1.54 and a debt-to-equity ratio of 0.29.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). The business had revenue of $854.42 million for the quarter, compared to analyst estimates of $866.96 million. Patterson-UTI Energy had a negative return on equity of 2.64% and a net margin of 3.72%. The business’s revenue was up 47.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.46) earnings per share. analysts predict that Patterson-UTI Energy will post -0.41 earnings per share for the current fiscal year.

The company also recently announced 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. This represents a $0.16 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend was Wednesday, September 5th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -20.00%.

Hedge funds have recently modified their holdings of the business. Edgestream Partners L.P. purchased a new position in Patterson-UTI Energy during the second quarter worth about $210,000. BlueMountain Capital Management LLC purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at approximately $48,281,000. Dynamic Technology Lab Private Ltd raised its stake in shares of Patterson-UTI Energy by 14.8% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 95,709 shares of the oil and gas company’s stock valued at $1,723,000 after acquiring an additional 12,350 shares during the period. Energy Opportunities Capital Management LLC raised its stake in shares of Patterson-UTI Energy by 20.3% in the 2nd quarter. Energy Opportunities Capital Management LLC now owns 373,655 shares of the oil and gas company’s stock valued at $6,726,000 after acquiring an additional 62,950 shares during the period. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at approximately $4,943,000. 96.25% of the stock is currently owned by institutional investors.

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.

Further Reading: Understanding Price to Earnings Ratio (PE)

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

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