Patterson-UTI Energy (NASDAQ:PTEN) Downgraded by Raymond James to Market Perform

Raymond James downgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a strong-buy rating to a market perform rating in a research report report published on Monday morning, Marketbeat.com reports.

Several other brokerages also recently commented on PTEN. Royal Bank of Canada dropped their price target 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. Citigroup cut their target price 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. Stifel Nicolaus decreased their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research report on Friday, October 11th. Finally, StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Patterson-UTI Energy Trading Up 0.6 %

Shares of NASDAQ:PTEN opened at $8.62 on Monday. Patterson-UTI Energy has a 52-week low of $7.15 and a 52-week high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The company has a market cap of $3.36 billion, a P/E ratio of -3.94 and a beta of 2.09. The stock’s 50-day moving average is $8.04 and its 200-day moving average is $8.69.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.71%. Patterson-UTI Energy’s payout ratio is presently -14.61%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the sale, the director now owns 32,438 shares in the company, valued at $238,743.68. This trade represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. Massmutual Trust Co. FSB ADV raised its stake in shares of Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 3,087 shares during the last quarter. Covestor Ltd raised its position in Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares during the last quarter. Blue Trust Inc. boosted its stake in Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of Patterson-UTI Energy during the third quarter worth $75,000. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Patterson-UTI Energy by 47.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after buying an additional 3,221 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.