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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have earned an average rating of “Moderate Buy” from the thirteen brokerages that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $11.63.

Several equities analysts recently issued reports on PTEN shares. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Royal Bank of Canada cut their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Stifel Nicolaus lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, 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 research report on Friday, October 11th.

Insider Activity

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now owns 32,438 shares of the company’s stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. acquired a new position in Patterson-UTI Energy in the second quarter valued at $152,265,000. Ninepoint Partners LP purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter worth about $51,800,000. ARGA Investment Management LP lifted its stake in shares of Patterson-UTI Energy by 1,066.6% in the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock valued at $15,000,000 after purchasing an additional 1,792,655 shares in the last quarter. Canoe Financial LP grew its holdings in shares of Patterson-UTI Energy by 15,942.1% during the 3rd quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock worth $11,850,000 after purchasing an additional 1,514,500 shares during the period. Finally, State Street Corp increased its position in Patterson-UTI Energy by 9.6% during the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

PTEN stock opened at $9.29 on Thursday. The company has a market cap of $3.62 billion, a price-to-earnings ratio of -4.24 and a beta of 2.09. 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 firm has a 50 day moving average of $8.22 and a 200-day moving average of $8.60. Patterson-UTI Energy has a 12-month low of $7.15 and a 12-month high of $12.65.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed 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 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

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.