Analysts Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Target Price at $11.88

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given a consensus recommendation of “Moderate Buy” by the thirteen brokerages that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $11.88.

Several research analysts have recently commented on the company. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Barclays cut their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Citigroup cut their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Susquehanna lowered their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of large investors have recently added to or reduced their stakes in the company. InTrack Investment Management Inc grew its stake in shares of 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 worth $341,000 after purchasing an additional 1,037 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,307 shares in the last quarter. CIBC Asset Management Inc increased its position in Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock valued at $171,000 after purchasing an additional 1,501 shares during the period. KBC Group NV raised its holdings in Patterson-UTI Energy by 18.5% in the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 1,723 shares in the last quarter. Finally, Sage Rhino Capital LLC lifted its position in shares of Patterson-UTI Energy by 15.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after purchasing an additional 1,724 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $8.40 on Wednesday. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -3.86 and a beta of 2.12. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The business has a 50-day simple moving average of $8.12 and a 200 day simple moving average of $9.22. Patterson-UTI Energy has a 52 week low of $7.38 and a 52 week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.81%. 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.