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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $11.88.

Several equities research analysts recently issued reports on PTEN shares. Susquehanna dropped 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 report on Friday, October 11th. Stifel Nicolaus cut their price objective 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. Morgan Stanley reduced their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, ATB Capital reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $8.34 on Wednesday. The firm’s 50-day moving average price is $8.12 and its 200-day moving average price is $9.25. Patterson-UTI Energy has a 52-week low of $7.38 and a 52-week high of $12.65. The company has a market cap of $3.25 billion, a PE ratio of -3.81 and a beta of 2.12. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently bought and sold shares of PTEN. InTrack Investment Management Inc grew its holdings in Patterson-UTI Energy by 3.2% during the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after buying an additional 1,037 shares in the last quarter. Hexagon Capital Partners LLC increased its holdings in Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,307 shares during the last quarter. CIBC Asset Management Inc increased its holdings 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 valued at $171,000 after acquiring an additional 1,501 shares during the last quarter. KBC Group NV lifted its stake in Patterson-UTI Energy by 18.5% in the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 1,723 shares in the last quarter. Finally, Sage Rhino Capital LLC boosted its holdings in shares of Patterson-UTI Energy by 15.8% during the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock valued at $131,000 after purchasing an additional 1,724 shares during the last quarter. Hedge funds and other 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.