Patterson-UTI Energy (NASDAQ:PTEN) Cut to “Market Perform” at Raymond James

Raymond James cut shares of Patterson-UTI Energy (NASDAQ:PTEN) from a strong-buy rating to a market perform rating in a research report report published on Monday morning, MarketBeat.com reports.

Several other brokerages have also issued reports on PTEN. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Royal Bank of Canada reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Susquehanna lowered their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Finally, Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $8.42 on Monday. The stock has a 50 day moving average of $8.07 and a 200 day moving average of $8.68. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of -3.84 and a beta of 2.09. 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.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.08 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 3.80%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several institutional investors and hedge funds have recently bought and sold shares of PTEN. CIBC Asset Management Inc increased its holdings in shares of Patterson-UTI Energy by 7.2% in the third quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after purchasing an additional 1,501 shares during the period. KBC Group NV increased its stake in Patterson-UTI Energy by 18.5% in the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after acquiring an additional 1,723 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 10.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after acquiring an additional 1,879 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after acquiring an additional 1,901 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Patterson-UTI Energy by 6.2% during the third quarter. Advisors Asset Management Inc. now owns 46,945 shares of the oil and gas company’s stock worth $359,000 after purchasing an additional 2,730 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.