Brokerages Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) PT at $11.71

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned an average recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $11.71.

PTEN has been the subject of a number of recent research reports. Raymond James reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research note on Friday, October 25th. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Morgan Stanley lowered their price target 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. Citigroup cut their price objective on 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 decreased their target price 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.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the sale, the director now owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Massmutual Trust Co. FSB ADV lifted its position in shares of Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 3,087 shares during the period. Covestor Ltd grew its stake in Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after buying an additional 3,307 shares in the last quarter. Blue Trust Inc. grew its stake in 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 buying an additional 1,901 shares in the last quarter. nVerses Capital LLC bought a new position in Patterson-UTI Energy in the 3rd quarter valued at about $75,000. Finally, DekaBank Deutsche Girozentrale raised its position in shares of Patterson-UTI Energy by 47.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after buying 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 Stock Performance

Shares of PTEN opened at $7.68 on Friday. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of -3.51 and a beta of 2.12. Patterson-UTI Energy has a 12 month low of $7.15 and a 12 month high of $12.65. The firm has a fifty day simple moving average of $8.00 and a 200 day simple moving average of $8.81. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date 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.