Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $11.63 Average Target Price from Brokerages

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received an average rating of “Moderate Buy” from the thirteen ratings firms that are covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $11.63.

PTEN has been the topic of a number of research analyst reports. Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Stifel Nicolaus lowered their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group upgraded 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 research note on Friday, December 13th. Royal Bank of Canada lowered their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Citigroup lowered their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $8.92 on Monday. The company’s 50-day moving average is $8.35 and its 200 day moving average is $8.37. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.54. The company has a market capitalization of $3.48 billion, a P/E ratio of -3.61 and a beta of 2.06. Patterson-UTI Energy has a fifty-two week low of $7.15 and a fifty-two week high of $12.65.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Insider Activity

In related news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. State Street Corp increased its position in shares of Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares during the last quarter. Stifel Financial Corp increased its position in shares of Patterson-UTI Energy by 103.2% in the third quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock worth $645,000 after purchasing an additional 42,824 shares during the last quarter. Grace & White Inc. NY increased its position in shares of Patterson-UTI Energy by 668.6% in the third quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock worth $2,140,000 after purchasing an additional 243,368 shares during the last quarter. Signaturefd LLC increased its position in shares of Patterson-UTI Energy by 64.5% in the third 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. increased its position in shares of Patterson-UTI Energy by 12.1% in 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 last quarter. 97.91% of the stock is currently owned by institutional investors.

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.