Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Average Rating of “Moderate Buy” by Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received a consensus recommendation of “Moderate Buy” from the thirteen research firms that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $11.54.

Several research firms recently issued reports on PTEN. Morgan Stanley reduced their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 48,149 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently made changes to their positions in PTEN. WFA Asset Management Corp acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 3,218 shares during the period. Meeder Asset Management Inc. bought a new position in Patterson-UTI Energy during the fourth quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Patterson-UTI Energy during the fourth quarter valued at approximately $42,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after purchasing an additional 1,717 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $8.22 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $3.18 billion, a PE ratio of -3.33 and a beta of 1.99. Patterson-UTI Energy has a 12-month low of $7.03 and a 12-month high of $12.65. The company has a 50 day moving average price of $8.31 and a two-hundred day moving average price of $8.20.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.89%. Patterson-UTI Energy’s dividend payout ratio is -12.96%.

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.