Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Average Rating of “Moderate Buy” from Brokerages

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received a consensus recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $11.88.

Several research analysts have commented on the company. Susquehanna cut their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Stifel Nicolaus reduced their price objective 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. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. ATB Capital cut their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. Finally, Royal Bank of Canada decreased their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th.

Patterson-UTI Energy Stock Down 1.6 %

Patterson-UTI Energy stock opened at $8.20 on Wednesday. The firm has a 50 day simple moving average of $8.12 and a 200 day simple moving average of $9.16. 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 has a 1-year low of $7.38 and a 1-year high of $12.65. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -3.74 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The company also recently announced 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 3.90%. Patterson-UTI Energy’s payout ratio is -14.61%.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. purchased a new position in Patterson-UTI Energy in the 2nd quarter worth $152,265,000. Ninepoint Partners LP purchased a new position in shares of Patterson-UTI Energy in the second quarter worth about $51,800,000. American Century Companies Inc. lifted its stake in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after acquiring an additional 2,191,330 shares during the last quarter. Webs Creek Capital Management LP purchased a new stake in Patterson-UTI Energy during the 1st quarter valued at about $24,116,000. Finally, ARGA Investment Management LP grew its position in Patterson-UTI Energy by 1,066.6% during the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock worth $15,000,000 after acquiring an additional 1,792,655 shares during the last quarter. 97.91% of the stock is currently owned by 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.