Bank of America Lowers Patterson-UTI Energy (NASDAQ:PTEN) to Neutral

Bank of America downgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a buy rating to a neutral rating in a research report released on Tuesday, BenzingaRatingsTable reports.

A number of other research analysts also recently issued reports on the company. Credit Suisse Group cut their price objective on Patterson-UTI Energy from $14.00 to $11.00 and set a neutral rating for the company in a research note on Friday, July 26th. AltaCorp Capital reiterated an outperform rating on shares of Patterson-UTI Energy in a research note on Thursday, June 20th. Seaport Global Securities set a $16.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a research note on Wednesday, September 4th. Raymond James set a $17.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a research note on Friday, July 26th. Finally, Wells Fargo & Co downgraded Patterson-UTI Energy from a market perform rating to an underperform rating in a research note on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. Patterson-UTI Energy presently has a consensus rating of Hold and an average price target of $12.80.

Shares of NASDAQ:PTEN opened at $8.26 on Tuesday. The stock has a 50 day moving average of $8.79 and a 200 day moving average of $11.23. The company has a market cap of $1.60 billion, a PE ratio of -24.28 and a beta of 1.52. The company has a current ratio of 1.91, a quick ratio of 1.76 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 12-month low of $7.68 and a 12-month high of $17.42.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.04. The company had revenue of $675.77 million during 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%. The firm’s revenue was down 20.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) EPS. Equities research analysts predict that Patterson-UTI Energy will post -0.94 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Thursday, September 5th were issued a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $0.16 dividend on an annualized basis and a yield of 1.94%. Patterson-UTI Energy’s dividend payout ratio is presently -47.06%.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund lifted its holdings in Patterson-UTI Energy by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 86,723 shares of the oil and gas company’s stock worth $998,000 after purchasing an additional 1,221 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Patterson-UTI Energy by 4.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 30,518 shares of the oil and gas company’s stock worth $351,000 after acquiring an additional 1,411 shares in the last quarter. FDx Advisors Inc. raised its holdings in shares of Patterson-UTI Energy by 5.5% during the 2nd quarter. FDx Advisors Inc. now owns 28,193 shares of the oil and gas company’s stock worth $325,000 after acquiring an additional 1,477 shares in the last quarter. Avestar Capital LLC raised its holdings in shares of Patterson-UTI Energy by 11.8% during the 2nd quarter. Avestar Capital LLC now owns 18,633 shares of the oil and gas company’s stock worth $196,000 after acquiring an additional 1,973 shares in the last quarter. Finally, CWM Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 20.8% during the 2nd quarter. CWM Advisors LLC now owns 17,470 shares of the oil and gas company’s stock worth $201,000 after acquiring an additional 3,013 shares in the last quarter. 97.98% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Company Profile

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.

Further Reading: Outstanding Shares and The Effect on Share Price

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

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit