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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $11.71.

Several research analysts have recently weighed in on the stock. ATB Capital dropped their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Royal Bank of Canada lowered their price objective on shares of 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. Morgan Stanley reduced 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. Citigroup lowered their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction 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 in the company, valued at $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp raised its holdings in Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after buying an additional 1,352,840 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at about $495,000. Grace & White Inc. NY raised its stake in shares of Patterson-UTI Energy by 668.6% in the 3rd quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock valued at $2,140,000 after acquiring an additional 243,368 shares in the last quarter. Signaturefd LLC lifted its holdings in Patterson-UTI Energy by 64.5% in the 3rd quarter. Signaturefd LLC now owns 18,963 shares of the oil and gas company’s stock worth $145,000 after purchasing an additional 7,432 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in Patterson-UTI Energy by 12.1% during the third quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company’s stock worth $6,740,000 after purchasing an additional 95,289 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 5.3 %

Shares of PTEN opened at $7.68 on Friday. The business’s 50-day moving average price is $8.02 and its 200 day moving average price is $8.87. 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 stock has a market capitalization of $2.99 billion, a P/E ratio of -3.51 and a beta of 2.12. Patterson-UTI Energy has a 1-year low of $7.15 and a 1-year high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a $0.08 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 4.17%. Patterson-UTI Energy’s dividend payout ratio is currently -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.