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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given an average rating of “Moderate Buy” by the thirteen ratings firms that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $11.63.

PTEN has been the subject of several recent research reports. Stifel Nicolaus cut their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $11.00 to $10.00 in a research report on Friday, December 13th.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were 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. The trade was a 71.15 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds have recently added to or reduced their stakes in PTEN. WFA Asset Management Corp acquired a new position in Patterson-UTI Energy during the 4th quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Patterson-UTI Energy by 1,443.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth about $42,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after acquiring an additional 1,717 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $7.15 on Friday. The business’s 50-day moving average is $8.52 and its two-hundred day moving average is $8.30. The company has a market capitalization of $2.76 billion, a P/E ratio of -2.89 and a beta of 2.06. Patterson-UTI Energy has a fifty-two week low of $7.03 and a fifty-two week high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 4.48%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

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.