Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $11.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective reduced by Royal Bank of Canada from $12.00 to $11.00 in a research note published on Friday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the oil and gas company’s stock.

Several other analysts also recently weighed in on the company. Bank of America dropped their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research report on Monday, July 15th. Piper Sandler decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Citigroup lowered their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research report on Friday, September 13th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.96.

Patterson-UTI Energy Trading Down 2.3 %

Shares of PTEN stock opened at $7.98 on Friday. The stock’s fifty day moving average price is $8.32 and its two-hundred day moving average price is $9.67. The company has a market cap of $3.14 billion, a PE ratio of -3.64 and a beta of 2.12. Patterson-UTI Energy has a fifty-two week low of $7.45 and a fifty-two week high of $13.29. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.32 and a current ratio of 1.52.

Patterson-UTI Energy Dividend Announcement

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 issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 4.01%. Patterson-UTI Energy’s payout ratio is -14.61%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PTEN. CANADA LIFE ASSURANCE Co raised its position in shares of Patterson-UTI Energy by 25.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock worth $5,931,000 after acquiring an additional 100,626 shares during the last quarter. Vanguard Group Inc. increased its position in Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the period. UniSuper Management Pty Ltd bought a new position in Patterson-UTI Energy during the 1st quarter worth approximately $990,000. Natixis acquired a new position in shares of Patterson-UTI Energy in the 1st quarter worth approximately $617,000. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Patterson-UTI Energy by 6.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock worth $33,791,000 after purchasing an additional 197,555 shares during the period. 97.91% of the stock is 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.