Patterson-UTI Energy (NASDAQ:PTEN) Rating Lowered to Underperform at Wells Fargo & Co

Wells Fargo & Co lowered shares of Patterson-UTI Energy (NASDAQ:PTEN) from a market perform rating to an underperform rating in a report issued on Thursday morning, The Fly reports.

Several other research analysts also recently commented on PTEN. Morgan Stanley reduced their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an overweight rating on the stock in a report on Friday, July 12th. Credit Suisse Group reduced their price objective on Patterson-UTI Energy from $14.00 to $11.00 and set a neutral rating on the stock in a report on Friday, July 26th. Raymond James set a $17.00 price objective on Patterson-UTI Energy and gave the stock a buy rating in a report on Friday, July 26th. Royal Bank of Canada set a $17.00 price objective on Patterson-UTI Energy and gave the stock a buy rating in a report on Friday, July 26th. Finally, Seaport Global Securities set a $16.00 price objective on Patterson-UTI Energy and gave the stock a buy rating in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $14.43.

PTEN opened at $9.11 on Thursday. The stock’s fifty day moving average is $9.22 and its two-hundred day moving average is $11.90. The company has a market capitalization of $1.82 billion, a P/E ratio of -26.79 and a beta of 1.52. Patterson-UTI Energy has a 52 week low of $7.87 and a 52 week high of $18.39. The company has a quick ratio of 1.76, a current ratio of 1.91 and a debt-to-equity ratio of 0.35.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th will be given a $0.04 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.76%. Patterson-UTI Energy’s payout ratio is -47.06%.

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

A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Gamco Investors INC. ET AL lifted its holdings in shares of Patterson-UTI Energy by 39.5% in the 1st quarter. Gamco Investors INC. ET AL now owns 69,890 shares of the oil and gas company’s stock valued at $980,000 after buying an additional 19,790 shares during the period. Connable Office Inc. acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $159,000. Gateway Investment Advisers LLC lifted its holdings in shares of Patterson-UTI Energy by 21.4% in the 2nd quarter. Gateway Investment Advisers LLC now owns 59,935 shares of the oil and gas company’s stock valued at $690,000 after buying an additional 10,553 shares during the period. Castleark Management LLC acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at about $976,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Patterson-UTI Energy by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 2,268,509 shares of the oil and gas company’s stock valued at $23,479,000 after buying an additional 88,404 shares during the period. 98.39% of the stock is owned by institutional investors.

About Patterson-UTI Energy

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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