Analysts Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) PT at $11.88

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given an average recommendation of “Moderate Buy” by the thirteen ratings firms that are currently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $11.88.

A number of brokerages have recently commented on PTEN. Citigroup dropped 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. Morgan Stanley dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock 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 for the company in a research note on Friday, October 11th. Barclays lowered 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 report on Wednesday, October 16th. Finally, Raymond James cut their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 25th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PTEN. Price T Rowe Associates Inc. MD lifted its position in Patterson-UTI Energy by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 203,343 shares of the oil and gas company’s stock valued at $2,428,000 after purchasing an additional 12,841 shares during the period. Bayesian Capital Management LP purchased a new stake in Patterson-UTI Energy during the first quarter valued at $623,000. Janus Henderson Group PLC lifted its holdings in Patterson-UTI Energy by 17.1% in the first quarter. Janus Henderson Group PLC now owns 184,024 shares of the oil and gas company’s stock valued at $2,195,000 after acquiring an additional 26,916 shares during the period. Webs Creek Capital Management LP purchased a new position in Patterson-UTI Energy in the first quarter worth about $24,116,000. Finally, EMC Capital Management bought a new stake in shares of Patterson-UTI Energy during the 1st quarter valued at about $262,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Trading Down 0.7 %

NASDAQ PTEN opened at $8.40 on Wednesday. The firm has a market capitalization of $3.28 billion, a PE ratio of -3.86 and a beta of 2.12. The stock’s 50 day moving average is $8.12 and its 200 day moving average is $9.22. Patterson-UTI Energy has a twelve month low of $7.38 and a twelve month high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

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.