Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Average Rating of “Moderate Buy” from Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has earned a consensus rating of “Moderate Buy” from the thirteen analysts that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $11.71.

PTEN has been the subject of a number of recent analyst reports. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Citigroup cut their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Raymond James lowered their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 25th. Morgan Stanley cut their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th.

Patterson-UTI Energy Trading Up 0.4 %

NASDAQ PTEN opened at $7.85 on Friday. Patterson-UTI Energy has a 12 month low of $7.15 and a 12 month high of $12.65. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average of $7.98 and a 200-day moving average of $8.77. The company has a market cap of $3.06 billion, a PE ratio of -3.58 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the sale, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth $495,000. Fifth Third Wealth Advisors LLC bought a new position in Patterson-UTI Energy in the 2nd quarter valued at about $106,000. Bank of New York Mellon Corp raised its position in shares of Patterson-UTI Energy by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,969,843 shares of the oil and gas company’s stock valued at $41,128,000 after buying an additional 101,307 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Patterson-UTI Energy by 9.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 79,406 shares of the oil and gas company’s stock worth $823,000 after acquiring an additional 7,146 shares during the period. Finally, F M Investments LLC acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $5,698,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.