Patterson-UTI Energy (NASDAQ:PTEN) Rating Lowered to “Market Perform” at Raymond James

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

A number of other brokerages have also recently issued reports on PTEN. Citigroup lowered their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Morgan Stanley dropped their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. 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 report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $11.71.

Patterson-UTI Energy Trading Up 0.5 %

Shares of PTEN opened at $8.57 on Monday. Patterson-UTI Energy has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. The business has a 50-day moving average of $8.02 and a 200 day moving average of $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. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the business’s 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 completion of the transaction, the director now owns 32,438 shares in the company, valued at $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC bought a new position in Patterson-UTI Energy in the second quarter worth approximately $525,000. Rhumbline Advisers lifted its holdings in Patterson-UTI Energy by 5.2% in the second quarter. Rhumbline Advisers now owns 1,176,294 shares of the oil and gas company’s stock valued at $12,186,000 after acquiring an additional 57,896 shares during the period. Choreo LLC purchased a new position in Patterson-UTI Energy during the second quarter worth approximately $485,000. Texas Permanent School Fund Corp lifted its position in shares of Patterson-UTI Energy by 7.0% during the 2nd quarter. Texas Permanent School Fund Corp now owns 300,936 shares of the oil and gas company’s stock valued at $3,118,000 after buying an additional 19,731 shares in the last quarter. Finally, AdvisorShares Investments LLC acquired a new position in Patterson-UTI Energy during the second quarter worth $441,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.