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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given a consensus recommendation of “Moderate Buy” by the thirteen research firms that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $11.63.

A number of research analysts have recently commented on the company. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Royal Bank of Canada reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Citigroup lowered 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 report on Thursday, October 31st. Finally, Barclays cut 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 research note on Wednesday, October 16th.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the business’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 directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Commonwealth Equity Services LLC purchased a new stake in Patterson-UTI Energy in the 2nd quarter valued at approximately $525,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $112,000. Intech Investment Management LLC acquired a new position in Patterson-UTI Energy during the second quarter worth $626,000. Canada Pension Plan Investment Board purchased a new position in Patterson-UTI Energy in the second quarter worth $5,234,000. Finally, Pacer Advisors Inc. acquired a new stake in Patterson-UTI Energy in the second quarter valued at $152,265,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $9.29 on Thursday. Patterson-UTI Energy has a 12 month low of $7.15 and a 12 month high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The firm has a market capitalization of $3.62 billion, a PE ratio of -4.24 and a beta of 2.09. The business’s fifty day moving average price is $8.22 and its 200 day moving average price is $8.60.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is presently -14.61%.

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.