Stifel Nicolaus Lowers Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $13.00

Patterson-UTI Energy (NASDAQ:PTENFree Report) had its price objective decreased by Stifel Nicolaus from $14.00 to $13.00 in a report issued on Monday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the oil and gas company’s stock.

A number of other analysts have also recently weighed in on the company. Citigroup lowered their price objective on 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. Royal Bank of Canada dropped their price target on 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 price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research report on Friday, October 11th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Get Our Latest Stock Report on PTEN

Patterson-UTI Energy Trading Down 2.3 %

NASDAQ:PTEN opened at $8.42 on Monday. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of -3.84 and a beta of 2.09. Patterson-UTI Energy has a 52 week low of $7.15 and a 52 week 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. The firm has a 50 day moving average of $8.07 and a 200 day moving average of $8.68.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the sale, the director now owns 32,438 shares in the company, valued at $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC grew its position in Patterson-UTI Energy by 3,991.5% during the fourth quarter. International Assets Investment Management LLC now owns 25,040 shares of the oil and gas company’s stock valued at $207,000 after buying an additional 24,428 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Patterson-UTI Energy by 12.1% during the 3rd quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after acquiring an additional 559,859 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Patterson-UTI Energy by 7.5% during the 3rd quarter. Franklin Resources Inc. now owns 683,621 shares of the oil and gas company’s stock valued at $5,640,000 after acquiring an additional 47,640 shares during the period. Tidal Investments LLC purchased a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at about $186,000. Finally, Geode Capital Management LLC raised its holdings in Patterson-UTI Energy by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock worth $68,717,000 after purchasing an additional 478,064 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

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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.

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