Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) have been assigned an average recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $11.88.
PTEN has been the topic of a number of research reports. Royal Bank of Canada dropped their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Bank of America reduced their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. Finally, ATB Capital dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th.
Read Our Latest Stock Report on Patterson-UTI Energy
Hedge Funds Weigh In On Patterson-UTI Energy
Patterson-UTI Energy Price Performance
NASDAQ PTEN opened at $7.61 on Friday. The firm has a market capitalization of $2.97 billion, a PE ratio of -3.48 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. Patterson-UTI Energy has a 12 month low of $7.38 and a 12 month high of $13.10. The company’s 50 day simple moving average is $8.21 and its 200 day simple moving average is $9.57.
Patterson-UTI Energy Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.20%. 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.
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