Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $14.00 by Analysts at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) had its price target lowered by Piper Sandler from $17.00 to $14.00 in a research note issued to investors on Monday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and gas company’s stock.

A number of other analysts have also commented on the company. Royal Bank of Canada cut their price target 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. Bank of America cut their target price on Patterson-UTI Energy from $14.50 to $14.00 and set a buy rating on the stock in a research note on Monday, April 15th. Raymond James decreased their price target on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating for the company in a research note on Friday, February 16th. StockNews.com lowered shares of Patterson-UTI Energy from a hold rating to a sell rating in a research report on Tuesday, April 2nd. Finally, Evercore ISI decreased their target price 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of Moderate Buy and a consensus target price of $15.67.

Patterson-UTI Energy Stock Up 2.7 %

NASDAQ:PTEN opened at $10.97 on Monday. The stock has a market cap of $4.42 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 1.57 and a beta of 2.23. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average price of $11.62 and a two-hundred day moving average price of $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 announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the previous year, the firm posted $0.46 earnings per share. As a group, equities analysts expect that Patterson-UTI Energy will post 0.59 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 2.92%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 47.06%.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the transaction, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC bought a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $25,000. Fortitude Family Office LLC raised its stake in 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 worth $25,000 after purchasing an additional 1,594 shares in the last quarter. Lindbrook Capital LLC boosted its holdings in Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 1,332 shares during the period. Neo Ivy Capital Management acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $40,000. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Patterson-UTI Energy by 635.8% during the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,594 shares during the period. Institutional investors 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.