Patterson-UTI Energy (PTEN) Hits New 12-Month Low at $13.73

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $13.73 and last traded at $13.94, with a volume of 493737 shares trading hands. The stock had previously closed at $14.74.

Several equities analysts recently issued reports on PTEN shares. BidaskClub downgraded shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Friday, October 26th. ValuEngine downgraded shares of 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 shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, October 5th. Zacks Investment Research downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, September 10th. Finally, Wolfe Research started coverage on shares of Patterson-UTI Energy in a report on Wednesday, October 10th. They set a “peer perform” rating for the company. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $23.88.

The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of -17.35 and a beta of 0.98. The company has a current ratio of 1.66, a quick ratio of 1.54 and a debt-to-equity ratio of 0.30.

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 for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.02. Patterson-UTI Energy had a net margin of 2.27% and a negative return on equity of 2.29%. The company had revenue of $867.48 million during the quarter, compared to the consensus estimate of $839.65 million. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.44 EPS 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 paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date is Wednesday, December 5th. Patterson-UTI Energy’s dividend payout ratio is presently -20.00%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA increased its position in Patterson-UTI Energy by 5.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,605,717 shares of the oil and gas company’s stock valued at $46,903,000 after buying an additional 143,947 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Patterson-UTI Energy by 51.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 99,136 shares of the oil and gas company’s stock valued at $1,784,000 after buying an additional 33,747 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in Patterson-UTI Energy by 22.9% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 42,552 shares of the oil and gas company’s stock valued at $766,000 after buying an additional 7,930 shares in the last quarter. Emerald Advisers Inc. PA increased its position in Patterson-UTI Energy by 71.7% during the 2nd quarter. Emerald Advisers Inc. PA now owns 74,409 shares of the oil and gas company’s stock valued at $1,339,000 after buying an additional 31,061 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Patterson-UTI Energy by 171.6% during the 2nd quarter. First Trust Advisors LP now owns 561,489 shares of the oil and gas company’s stock valued at $10,107,000 after buying an additional 354,785 shares in the last quarter. 98.89% of the stock is owned by institutional investors.

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About Patterson-UTI Energy (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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