Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $11.71 Consensus Price Target from Analysts

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

Several analysts have recently weighed in on PTEN shares. Barclays dropped their price objective 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. Royal Bank of Canada reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Raymond James lowered their price target on 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.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $7.85 on Friday. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of -3.58 and a beta of 2.12. 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 business’s fifty day moving average price is $7.98 and its two-hundred day moving average price is $8.77. Patterson-UTI Energy has a fifty-two week low of $7.15 and a fifty-two week high of $12.65.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 4.08%. Patterson-UTI Energy’s payout ratio is -14.61%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction dated 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 approximately $238,743.68. This represents a 71.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp lifted its stake in Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after acquiring an additional 1,352,840 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Patterson-UTI Energy in the second quarter valued at $495,000. Stifel Financial Corp increased 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 valued at $645,000 after buying an additional 42,824 shares during the last quarter. Grace & White Inc. NY lifted its position in Patterson-UTI Energy by 668.6% during the 3rd quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock worth $2,140,000 after buying an additional 243,368 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in shares of Patterson-UTI Energy by 64.5% during the 3rd quarter. Signaturefd LLC now owns 18,963 shares of the oil and gas company’s stock worth $145,000 after buying an additional 7,432 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.