Patterson-UTI Energy (NASDAQ:PTEN) Earns Positive Rating from Susquehanna

Susquehanna restated their positive rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a report released on Monday morning, Benzinga reports. Susquehanna currently has a $16.00 price objective on the oil and gas company’s stock.

PTEN has been the subject of a number of other reports. Raymond James dropped 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. Benchmark cut shares of Patterson-UTI Energy from a buy rating to a hold rating in a research note on Tuesday, January 16th. The Goldman Sachs Group began coverage on shares of Patterson-UTI Energy in a research note on Tuesday, December 19th. They set a neutral rating and a $12.00 price target for the company. Evercore ISI lowered their price objective on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an outperform rating for the company in a research report on Tuesday, February 20th. Finally, Royal Bank of Canada lowered their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating for the company in a research report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $16.33.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $12.15 on Monday. Patterson-UTI Energy has a 52 week low of $9.70 and a 52 week high of $16.17. The stock has a market capitalization of $4.96 billion, a P/E ratio of 12.03, a PEG ratio of 1.16 and a beta of 2.21. The firm has a fifty day simple moving average of $11.47 and a two-hundred day simple moving average of $11.85. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.50 billion. On average, analysts expect that Patterson-UTI Energy will post 0.67 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.08 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.32 annualized dividend and a dividend yield of 2.63%. Patterson-UTI Energy’s dividend payout ratio is currently 31.68%.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’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 completion of the sale, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. C M Bidwell & Associates Ltd. raised its stake in shares of Patterson-UTI Energy by 8.3% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 8,872 shares of the oil and gas company’s stock worth $106,000 after acquiring an additional 680 shares in the last quarter. CWM LLC raised its stake in shares of Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 791 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Patterson-UTI Energy by 2.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 40,572 shares of the oil and gas company’s stock worth $628,000 after acquiring an additional 906 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of Patterson-UTI Energy by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 23,229 shares of the oil and gas company’s stock worth $271,000 after acquiring an additional 1,004 shares in the last quarter. Finally, Commerce Bank raised its stake in shares of Patterson-UTI Energy by 4.7% during the 4th quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock worth $284,000 after acquiring an additional 1,186 shares in the last quarter. 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.