Citigroup Has Lowered Expectations for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its price target decreased by Citigroup from $11.00 to $10.00 in a report issued on Thursday, Benzinga reports. Citigroup currently has a buy rating on the oil and gas company’s stock.

A number of other research analysts also recently commented on PTEN. Bank of America dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Raymond James decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th. Royal Bank of Canada cut their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Barclays decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Stock Down 1.0 %

Shares of PTEN traded down $0.08 during mid-day trading on Thursday, reaching $7.59. The company’s stock had a trading volume of 2,860,301 shares, compared to its average volume of 7,126,162. The stock has a market cap of $2.96 billion, a PE ratio of -3.50 and a beta of 2.12. Patterson-UTI Energy has a 12-month low of $7.45 and a 12-month high of $13.14. 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 company’s 50 day moving average is $8.27 and its 200 day moving average is $9.63.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 4.22%. Patterson-UTI Energy’s payout ratio is currently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. InTrack Investment Management Inc lifted its holdings in shares of Patterson-UTI Energy by 3.2% in the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after buying an additional 1,037 shares during the period. Hexagon Capital Partners LLC boosted its position in shares of Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. Sage Rhino Capital LLC grew its stake in shares of Patterson-UTI Energy by 15.8% during the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after purchasing an additional 1,724 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of Patterson-UTI Energy by 10.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock worth $150,000 after purchasing an additional 1,879 shares during the period. Finally, Blue Trust Inc. increased its holdings in shares of Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.