Patterson-UTI Energy (NASDAQ:PTEN) Sets New 12-Month Low Following Analyst Downgrade

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s stock price reached a new 52-week low on Friday after Citigroup lowered their price target on the stock from $11.00 to $10.00. Citigroup currently has a buy rating on the stock. Patterson-UTI Energy traded as low as $7.42 and last traded at $7.45, with a volume of 6069743 shares trading hands. The stock had previously closed at $7.67.

A number of other research analysts have also issued reports on the company. Royal Bank of Canada decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Bank of America dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a report on Monday, July 15th. Piper Sandler cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Finally, ATB Capital lowered their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.88.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. acquired a new stake in Patterson-UTI Energy in the second quarter valued at $152,265,000. Ninepoint Partners LP acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $51,800,000. American Century Companies Inc. lifted its stake in Patterson-UTI Energy by 62.8% during the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after purchasing an additional 2,191,330 shares during the last quarter. Webs Creek Capital Management LP acquired a new position in Patterson-UTI Energy in the first quarter valued at approximately $24,116,000. Finally, Nisa Investment Advisors LLC increased its stake in Patterson-UTI Energy by 2,744.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after purchasing an additional 1,588,067 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

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’s 50 day simple moving average is $8.21 and its 200 day simple moving average is $9.59. The company has a market capitalization of $2.89 billion, a PE ratio of -3.39 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 4.31%. Patterson-UTI Energy’s dividend payout ratio is currently -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.