Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received an average recommendation of “Moderate Buy” from the thirteen analysts that are currently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $11.63.

Several equities research analysts have issued reports on the stock. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. 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 note on Wednesday, October 16th. Stifel Nicolaus cut their price target 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. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Susquehanna dropped their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th.

Patterson-UTI Energy Stock Performance

PTEN opened at $9.33 on Thursday. The stock has a market cap of $3.64 billion, a PE ratio of -4.26 and a beta of 2.09. Patterson-UTI Energy has a 1 year low of $7.15 and a 1 year high of $12.65. The stock’s 50 day simple moving average is $8.15 and its 200-day simple moving average is $8.62. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.43%. Patterson-UTI Energy’s dividend payout ratio is -14.61%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the sale, the director now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp increased its position 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 acquiring an additional 1,352,840 shares in the last quarter. Stifel Financial Corp grew its stake in shares of Patterson-UTI Energy by 103.2% during the third quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock valued at $645,000 after purchasing an additional 42,824 shares during the last quarter. Grace & White Inc. NY increased its holdings 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 valued at $2,140,000 after purchasing an additional 243,368 shares in the last quarter. Signaturefd LLC raised its position in Patterson-UTI Energy by 64.5% in the 3rd 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. lifted its holdings in Patterson-UTI Energy by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company’s stock worth $6,740,000 after buying an additional 95,289 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.