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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received an average recommendation of “Moderate Buy” from the thirteen research firms that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $11.88.

A number of equities analysts have commented on PTEN shares. Citigroup dropped their price objective 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. Susquehanna reduced their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research note on Friday, October 11th. Royal Bank of Canada lowered their price objective 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. Morgan Stanley dropped their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Finally, ATB Capital decreased their price target 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.

Patterson-UTI Energy Stock Down 3.2 %

NASDAQ PTEN opened at $8.34 on Wednesday. The stock has a 50 day moving average price of $8.12 and a 200-day moving average price of $9.25. Patterson-UTI Energy has a one year low of $7.38 and a one year high of $12.65. The company has a market capitalization of $3.25 billion, a P/E ratio of -3.81 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.84%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Hexagon Capital Partners LLC boosted its holdings in shares of 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 valued at $25,000 after purchasing an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Patterson-UTI Energy by 250.4% in 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 grew its position in shares of Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after buying an additional 2,012 shares in the last quarter. Covestor Ltd increased its stake 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 valued at $53,000 after buying an additional 3,307 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Patterson-UTI Energy by 263.3% during the second quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company’s stock valued at $79,000 after buying an additional 5,506 shares during the period. 97.91% of the stock is currently owned by 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.