Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have earned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $11.71.

PTEN has been the subject of a number of research analyst reports. Barclays cut their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Citigroup dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Royal Bank of Canada decreased their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Susquehanna dropped their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Finally, ATB Capital cut their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th.

Patterson-UTI Energy Stock Performance

PTEN stock opened at $7.82 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The stock’s fifty day moving average is $7.99 and its two-hundred day moving average is $8.80. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of -3.57 and a beta of 2.12. Patterson-UTI Energy has a 1 year low of $7.15 and a 1 year high of $12.65.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.09%. 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 Patterson-UTI Energy stock in a transaction on 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 directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PTEN. CIBC Asset Management Inc raised its position in Patterson-UTI Energy by 7.2% in the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after purchasing an additional 1,501 shares during the last quarter. KBC Group NV grew its holdings in shares of Patterson-UTI Energy by 18.5% during the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after buying an additional 1,723 shares in the last quarter. Sage Rhino Capital LLC boosted its holdings in Patterson-UTI Energy by 15.8% during the second 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 last quarter. Sequoia Financial Advisors LLC grew its position in Patterson-UTI Energy by 10.6% in the third quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after purchasing an additional 1,879 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Patterson-UTI Energy by 25.0% during the third 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 during the last quarter. 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.