Patterson-UTI Energy (NASDAQ:PTEN) Given New $12.00 Price Target at Stifel Nicolaus

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective cut by Stifel Nicolaus from $13.00 to $12.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

A number of other research firms also recently issued reports on PTEN. The Goldman Sachs Group decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Susquehanna lowered their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, Morgan Stanley decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Thursday, March 27th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.21.

Patterson-UTI Energy Trading Up 0.7 %

Shares of Patterson-UTI Energy stock opened at $5.79 on Tuesday. The firm has a market cap of $2.24 billion, a PE ratio of -2.34 and a beta of 1.60. Patterson-UTI Energy has a 1 year low of $5.12 and a 1 year high of $11.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The stock has a fifty day moving average price of $7.75 and a 200-day moving average price of $8.04.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 5.53%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Insiders Place Their Bets

In other news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the purchase, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Quantinno Capital Management LP purchased a new position in shares of Patterson-UTI Energy during the third quarter worth about $97,000. Stifel Financial Corp grew its stake in Patterson-UTI Energy by 103.2% in the 3rd quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock worth $645,000 after buying an additional 42,824 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Patterson-UTI Energy by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock worth $68,717,000 after buying an additional 478,064 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of Patterson-UTI Energy during the 3rd quarter valued at $186,000. Finally, Franklin Resources Inc. lifted its holdings in shares of Patterson-UTI Energy by 7.5% during the 3rd quarter. Franklin Resources Inc. now owns 683,621 shares of the oil and gas company’s stock worth $5,640,000 after acquiring an additional 47,640 shares during the last quarter. Hedge funds and other institutional investors 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.