Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $11.88 Consensus PT from Brokerages

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned a consensus rating of “Moderate Buy” from the thirteen research firms that are covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $11.88.

A number of brokerages recently issued reports on PTEN. Royal Bank of Canada dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Citigroup dropped their price target 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. Barclays reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC grew its holdings in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after buying an additional 3,087 shares during the period. CWM LLC boosted its holdings in Patterson-UTI Energy by 49.9% in the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 2,012 shares in the last quarter. Covestor Ltd raised its position in shares of Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 3,307 shares during the period. Finally, Blue Trust Inc. lifted its holdings in shares of Patterson-UTI Energy by 263.3% in the 2nd quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company’s stock worth $79,000 after purchasing an additional 5,506 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

PTEN stock opened at $8.40 on Wednesday. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -3.84 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The company has a 50 day simple moving average of $8.12 and a 200 day simple moving average of $9.19. Patterson-UTI Energy has a 1 year low of $7.38 and a 1 year high of $12.65.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

About Patterson-UTI Energy

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.