Patterson-UTI Energy (NASDAQ:PTEN) Raised to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a neutral rating to a buy rating in a research report sent to investors on Friday, Marketbeat Ratings reports. The brokerage currently has $10.00 price target on the oil and gas company’s stock, down from their previous price target of $11.00.

Several other equities analysts also recently commented on PTEN. 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 research note on Friday, October 25th. Susquehanna decreased their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Citigroup dropped their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Barclays cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Finally, Morgan Stanley lowered their price objective on 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. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $11.71.

Patterson-UTI Energy Stock Performance

PTEN opened at $7.72 on Friday. 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 has a fifty day simple moving average of $8.10 and a 200 day simple moving average of $8.98. Patterson-UTI Energy has a 1 year low of $7.38 and a 1 year high of $12.65. The company has a market capitalization of $3.01 billion, a PE ratio of -3.53 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Massmutual Trust Co. FSB ADV grew its stake in shares of Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after buying an additional 3,087 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 3,307 shares in the last quarter. CWM LLC grew its position in Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 2,012 shares during the last quarter. Blue Trust Inc. grew its position in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 1,901 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in Patterson-UTI Energy in the 3rd quarter worth about $75,000. Institutional investors 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.