Patterson-UTI Energy (PTEN) Reaches New 1-Year Low at $13.59

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week low on Thursday . The stock traded as low as $13.59 and last traded at $12.71, with a volume of 2370957 shares. The stock had previously closed at $13.62.

Several equities research analysts have recently weighed in on PTEN shares. BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Friday, October 26th. ValuEngine downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. Piper Jaffray Companies set a $22.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, October 5th. Zacks Investment Research downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, September 10th. Finally, Wolfe Research started coverage on Patterson-UTI Energy in a report on Wednesday, October 10th. They issued a “peer perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $23.44.

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.66 and a quick ratio of 1.54. The company has a market capitalization of $2.79 billion, a PE ratio of -16.26 and a beta of 0.97.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The business had revenue of $867.48 million for the quarter, compared to analysts’ expectations of $839.65 million. Patterson-UTI Energy had a negative return on equity of 2.29% and a net margin of 2.27%. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.44 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $0.16 annualized dividend and a yield of 1.23%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -20.00%.

A number of hedge funds and other institutional investors have recently made changes to their positions in PTEN. First Mercantile Trust Co. purchased a new position in Patterson-UTI Energy in the 3rd quarter worth $158,000. Connable Office Inc. purchased a new position in Patterson-UTI Energy in the 3rd quarter worth $173,000. Signition LP purchased a new position in Patterson-UTI Energy in the 3rd quarter worth $177,000. IFP Advisors Inc raised its stake in Patterson-UTI Energy by 122.7% in the 3rd quarter. IFP Advisors Inc now owns 10,751 shares of the oil and gas company’s stock worth $184,000 after acquiring an additional 5,923 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new position in Patterson-UTI Energy in the 3rd quarter worth $197,000. 95.64% of the stock is currently owned by institutional investors and hedge funds.

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Patterson-UTI Energy Company Profile (NASDAQ:PTEN)

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.

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