Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down Following Analyst Downgrade

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares gapped down before the market opened on Monday after Raymond James lowered their price target on the stock from $12.00 to $11.00. The stock had previously closed at $8.17, but opened at $7.89. Raymond James currently has a strong-buy rating on the stock. Patterson-UTI Energy shares last traded at $7.98, with a volume of 278,706 shares trading hands.

Other research analysts also recently issued research reports about the stock. Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Citigroup cut their target price on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Susquehanna decreased their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Bank of America decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a report on Monday, July 15th. Finally, Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.96.

Institutional Investors Weigh In On Patterson-UTI Energy

Several large investors have recently made changes to their positions in the company. InTrack Investment Management Inc boosted its position in Patterson-UTI Energy by 3.2% in the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after buying an additional 1,037 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,307 shares in the last quarter. Sage Rhino Capital LLC grew its position in Patterson-UTI Energy by 15.8% during the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after acquiring an additional 1,724 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in Patterson-UTI Energy by 10.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after purchasing an additional 1,879 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 2.3 %

The business has a 50 day simple moving average of $8.32 and a 200 day simple moving average of $9.67. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.52 and a quick ratio of 1.32. The company has a market cap of $3.14 billion, a price-to-earnings ratio of -3.64 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -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.