Patterson-UTI Energy (NASDAQ:PTEN) Downgraded by Raymond James to Market Perform

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by equities researchers at Raymond James from a “strong-buy” rating to a “market perform” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports.

Other analysts have also recently issued research reports about the stock. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Citigroup cut their price target on shares of 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. Morgan Stanley cut their target price on 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. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Barclays lowered their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $11.71.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $8.57 on Monday. Patterson-UTI Energy has a one year low of $7.15 and a one year high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The firm’s 50 day moving average price is $8.02 and its 200-day moving average price is $8.70. The firm has a market cap of $3.34 billion, a P/E ratio of -3.91 and a beta of 2.09.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction 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 owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PTEN. Massmutual Trust Co. FSB ADV raised its stake in shares of Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares during the period. Covestor Ltd boosted its position in Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 3,307 shares during the last quarter. Blue Trust Inc. increased its position in shares of Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 1,901 shares during the last quarter. nVerses Capital LLC purchased a new position in Patterson-UTI Energy in the third quarter valued at about $75,000. Finally, DekaBank Deutsche Girozentrale grew its stake in Patterson-UTI Energy by 47.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after purchasing an additional 3,221 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.