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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned an average rating of “Moderate Buy” from the thirteen brokerages that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $11.54.

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

Patterson-UTI Energy Stock Up 0.5 %

Shares of Patterson-UTI Energy stock opened at $5.69 on Tuesday. Patterson-UTI Energy has a 12-month low of $5.12 and a 12-month high of $12.65. The firm has a market capitalization of $2.20 billion, a PE ratio of -2.30 and a beta of 1.60. 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’s fifty day moving average is $8.12 and its 200-day moving average is $8.16.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.62%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Insider Activity

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

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its holdings in Patterson-UTI Energy by 30.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company’s stock valued at $9,472,000 after purchasing an additional 265,714 shares during the last quarter. State Street Corp grew its stake in Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after buying an additional 1,352,840 shares during the last quarter. Versor Investments LP raised its holdings in Patterson-UTI Energy by 53.0% in the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock worth $1,453,000 after acquiring an additional 60,900 shares during the period. Ieq Capital LLC lifted its position in Patterson-UTI Energy by 262.6% during the 4th quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock worth $360,000 after acquiring an additional 31,589 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock valued at $60,477,000 after acquiring an additional 1,743,241 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.