BidaskClub upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sell rating to a hold rating in a research note released on Tuesday, BidAskClub reports.

PTEN has been the topic of a number of other research reports. Scotiabank cut shares of Patterson-UTI Energy from a sector outperform rating to a sector perform rating and set a $9.00 target price on the stock. in a report on Wednesday, August 7th. Seaport Global Securities set a $16.00 price objective on shares of Patterson-UTI Energy and gave the company a buy rating in a research note on Wednesday, September 4th. Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an overweight rating for the company in a research note on Friday, July 12th. Jefferies Financial Group lowered shares of Patterson-UTI Energy from a buy rating to a hold rating and lowered their price objective for the company from $14.50 to $11.50 in a research note on Friday, August 2nd. Finally, ValuEngine upgraded shares of Patterson-UTI Energy from a sell rating to a hold rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the stock. Patterson-UTI Energy currently has an average rating of Buy and a consensus price target of $14.43.

NASDAQ:PTEN traded up $0.27 during midday trading on Tuesday, reaching $9.25. The company had a trading volume of 70,458 shares, compared to its average volume of 3,794,883. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -27.18 and a beta of 1.52. The company has a current ratio of 1.91, a quick ratio of 1.76 and a debt-to-equity ratio of 0.35. The stock’s fifty day simple moving average is $9.26 and its 200-day simple moving average is $11.93. Patterson-UTI Energy has a 12-month low of $7.87 and a 12-month high of $18.39.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. The company had revenue of $675.77 million during the quarter, compared to the consensus estimate of $670.28 million. During the same period in the previous year, the business earned ($0.05) EPS. Patterson-UTI Energy’s revenue for the quarter was down 20.9% on a year-over-year basis. As a group, sell-side analysts expect that Patterson-UTI Energy will post -0.9 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, September 5th will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Wednesday, September 4th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -47.06%.

In other Patterson-UTI Energy news, Director Janeen S. Judah sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the completion of the sale, the director now owns 27,023 shares of the company’s stock, valued at $244,558.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Curtis W. Huff acquired 25,000 shares of the stock in a transaction dated Friday, August 23rd. The shares were bought at an average cost of $8.08 per share, with a total value of $202,000.00. Following the transaction, the director now directly owns 162,817 shares of the company’s stock, valued at $1,315,561.36. The disclosure for this purchase can be found here. Insiders own 4.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund raised its position in shares of Patterson-UTI Energy by 1.4% in the second quarter. Oregon Public Employees Retirement Fund now owns 86,723 shares of the oil and gas company’s stock valued at $998,000 after purchasing an additional 1,221 shares during the period. Parallel Advisors LLC raised its position in shares of Patterson-UTI Energy by 129.0% in the first quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 1,342 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Patterson-UTI Energy by 4.8% in the second quarter. Envestnet Asset Management Inc. now owns 30,518 shares of the oil and gas company’s stock valued at $351,000 after purchasing an additional 1,411 shares during the period. FDx Advisors Inc. increased its position in Patterson-UTI Energy by 5.5% during the second quarter. FDx Advisors Inc. now owns 28,193 shares of the oil and gas company’s stock worth $325,000 after acquiring an additional 1,477 shares during the period. Finally, Ironwood Investment Management LLC increased its position in Patterson-UTI Energy by 16.3% during the first quarter. Ironwood Investment Management LLC now owns 13,490 shares of the oil and gas company’s stock worth $189,000 after acquiring an additional 1,889 shares during the period. Hedge funds and other institutional investors own 98.39% of the company’s stock.

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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