Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have earned an average recommendation of “Buy” from the twenty-two analysts that are covering the company, Marketbeat reports. Eight analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $19.93.
A number of brokerages have issued reports on PTEN. BidaskClub raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. ValuEngine raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. TheStreet lowered Patterson-UTI Energy from a “c-” rating to a “d” rating in a research note on Friday, March 15th. Zacks Investment Research raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Friday, February 15th. Finally, Bank of America set a $20.00 price target on Patterson-UTI Energy and gave the company a “hold” rating in a research note on Tuesday, March 5th.
NASDAQ PTEN traded down $0.17 on Wednesday, reaching $15.03. 125,974 shares of the stock traded hands, compared to its average volume of 3,360,660. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.68 and a current ratio of 1.81. The firm has a market cap of $3.25 billion, a P/E ratio of -44.31 and a beta of 1.34. Patterson-UTI Energy has a 12 month low of $9.49 and a 12 month high of $23.99.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Thursday, March 7th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend was Wednesday, March 6th. Patterson-UTI Energy’s dividend payout ratio is presently -47.06%.
Patterson-UTI Energy announced that its board has authorized a stock repurchase program on Thursday, February 7th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the oil and gas company to repurchase up to 9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Captrust Financial Advisors purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at $25,000. Paloma Partners Management Co lifted its holdings in shares of Patterson-UTI Energy by 17.5% in the fourth quarter. Paloma Partners Management Co now owns 17,870 shares of the oil and gas company’s stock valued at $185,000 after purchasing an additional 2,661 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Patterson-UTI Energy by 1.0% in the third quarter. Legal & General Group Plc now owns 306,882 shares of the oil and gas company’s stock valued at $5,250,000 after purchasing an additional 2,949 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Patterson-UTI Energy by 2.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 146,639 shares of the oil and gas company’s stock valued at $1,518,000 after purchasing an additional 3,320 shares in the last quarter. Finally, Texas Permanent School Fund lifted its holdings in shares of Patterson-UTI Energy by 2.8% in the fourth quarter. Texas Permanent School Fund now owns 142,273 shares of the oil and gas company’s stock valued at $1,473,000 after purchasing an additional 3,832 shares in the last quarter. 97.44% of the stock is owned by institutional investors and hedge funds.
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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