Patterson-UTI Energy (NASDAQ:PTEN) Sets New 52-Week Low on Analyst Downgrade

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week low during trading on Friday after Citigroup lowered their price target on the stock from $11.00 to $10.00. Citigroup currently has a buy rating on the stock. Patterson-UTI Energy traded as low as $7.42 and last traded at $7.45, with a volume of 6069743 shares trading hands. The stock had previously closed at $7.67.

Other research analysts have also issued reports about the stock. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Bank of America lowered their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. Raymond James cut their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th. Morgan Stanley lowered their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Finally, Stifel Nicolaus cut their price target on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.88.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after buying an additional 1,554,020 shares in the last quarter. Pacer Advisors Inc. bought a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $152,265,000. Deprince Race & Zollo Inc. increased its holdings in Patterson-UTI Energy by 14.7% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock valued at $62,880,000 after purchasing an additional 778,581 shares in the last quarter. American Century Companies Inc. raised its position in 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 purchasing an additional 2,191,330 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Patterson-UTI Energy by 12.1% in the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after purchasing an additional 559,859 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 3.3 %

The business has a 50 day simple moving average of $8.21 and a 200 day simple moving average of $9.59. 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 company has a market cap of $2.89 billion, a price-to-earnings ratio of -3.39 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.31%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -14.61%.

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.