Patterson-UTI Energy (NASDAQ:PTEN) Lifted to Overweight at Barclays

Barclays upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from an equal weight rating to an overweight rating in a report released on Monday, Benzinga reports. Barclays currently has $9.00 price objective on the oil and gas company’s stock, up from their prior price objective of $7.00.

Separately, Morgan Stanley raised their target price on Patterson-UTI Energy from $5.50 to $7.50 and gave the company an equal weight rating in a report on Wednesday, March 31st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $5.33.

Shares of PTEN stock opened at $8.26 on Monday. The stock’s 50 day simple moving average is $7.12 and its 200 day simple moving average is $6.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.89 and a current ratio of 2.02. Patterson-UTI Energy has a twelve month low of $2.38 and a twelve month high of $9.74. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -2.00 and a beta of 3.20.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 29th. The oil and gas company reported ($0.57) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by ($0.01). Patterson-UTI Energy had a negative net margin of 56.10% and a negative return on equity of 16.24%. The company had revenue of $241.00 million during the quarter, compared to the consensus estimate of $240.99 million. During the same period in the previous year, the business posted ($0.45) earnings per share. The firm’s revenue was down 46.0% on a year-over-year basis. On average, analysts forecast that Patterson-UTI Energy will post -2.28 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 17th. Stockholders of record on Thursday, June 3rd will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Wednesday, June 2nd. Patterson-UTI Energy’s payout ratio is presently -8.08%.

Large investors have recently made changes to their positions in the company. ExodusPoint Capital Management LP grew its holdings in shares of Patterson-UTI Energy by 602.4% during the 4th quarter. ExodusPoint Capital Management LP now owns 265,679 shares of the oil and gas company’s stock worth $1,397,000 after purchasing an additional 227,856 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in Patterson-UTI Energy by 0.9% in the 4th quarter. UBS Asset Management Americas Inc. now owns 251,421 shares of the oil and gas company’s stock valued at $1,322,000 after buying an additional 2,221 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Patterson-UTI Energy in the 3rd quarter valued at $148,000. Canada Pension Plan Investment Board boosted its stake in Patterson-UTI Energy by 25.3% in the 4th quarter. Canada Pension Plan Investment Board now owns 44,893 shares of the oil and gas company’s stock valued at $236,000 after buying an additional 9,068 shares in the last quarter. Finally, Greenleaf Trust acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at $53,000. 94.50% of the stock is currently 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 Services 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, and West Virginia.

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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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