Morgan Stanley Lowers Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $9.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective reduced by Morgan Stanley from $10.00 to $9.00 in a report published on Thursday,Benzinga reports. They currently have an equal weight rating on the oil and gas company’s stock.

Other equities research analysts have also recently issued reports about the stock. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.54.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $8.38 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The firm has a market cap of $3.24 billion, a PE ratio of -3.39 and a beta of 1.99. Patterson-UTI Energy has a twelve month low of $7.03 and a twelve month high of $12.65. The firm’s 50 day moving average price is $8.35 and its 200 day moving average price is $8.20.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s payout ratio is currently -12.96%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the sale, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in PTEN. Atria Investments Inc boosted its holdings in Patterson-UTI Energy by 3.7% during the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company’s stock valued at $288,000 after purchasing an additional 1,252 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 1,358 shares in the last quarter. Avantax Advisory Services Inc. grew its position in Patterson-UTI Energy by 10.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock valued at $130,000 after acquiring an additional 1,436 shares during the period. Summit Investment Advisors Inc. raised its stake in Patterson-UTI Energy by 4.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock worth $336,000 after acquiring an additional 1,596 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after acquiring an additional 1,717 shares during the period. 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.