Patterson-UTI Energy (NASDAQ:PTEN) Downgraded to Hold Rating by Zacks Research

Zacks Research downgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

Other research analysts have also issued reports about the company. Susquehanna upped their price target on Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a “positive” rating in a report on Wednesday, May 27th. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a report on Monday, April 20th. Finally, Stifel Nicolaus upped their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday. Eight research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.40.

Patterson-UTI Energy Stock Down 2.9%

Shares of Patterson-UTI Energy stock opened at $10.35 on Monday. The stock has a market capitalization of $3.93 billion, a P/E ratio of -33.39 and a beta of 0.61. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average price of $11.41 and a two-hundred day moving average price of $9.13. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business’s revenue was down 12.7% compared to the same quarter last year. Equities analysts expect that Patterson-UTI Energy will post -0.15 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is presently -129.03%.

Insiders Place Their Bets

In related news, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares in the company, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the transaction, the chief executive officer owned 2,823,103 shares of the company’s stock, valued at $33,453,770.55. The trade was a 8.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 in the last ninety days. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after acquiring an additional 2,745,872 shares during the last quarter. American Century Companies Inc. lifted its stake in Patterson-UTI Energy by 7.9% in the third quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock valued at $80,804,000 after buying an additional 1,135,704 shares during the period. State Street Corp lifted its stake in Patterson-UTI Energy by 0.5% in the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after buying an additional 75,560 shares during the period. Sourcerock Group LLC lifted its stake in Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after buying an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Patterson-UTI Energy by 110.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after buying an additional 5,551,276 shares during the period. Institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.