Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Average Rating of "Moderate Buy" by Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) have been given an average rating of "Moderate Buy" by the thirteen analysts that are currently covering the company, MarketBeat reports. Three 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 1 year target price among brokerages that have updated their coverage on the stock in the last year is $11.88.

Several equities analysts recently issued reports on the company. Piper Sandler lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Monday, July 15th. Morgan Stanley lowered their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Monday, September 16th. Susquehanna lowered their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a research note on Friday, October 11th. Bank of America lowered their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a research note on Monday, July 15th. Finally, Citigroup lowered their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PTEN. Hexagon Capital Partners LLC lifted its holdings in Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock worth $25,000 after buying an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock worth $33,000 after buying an additional 3,087 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in Patterson-UTI Energy during the 1st quarter worth $56,000. CWM LLC lifted its holdings in Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock worth $63,000 after buying an additional 2,012 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock worth $53,000 after buying an additional 3,307 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

PTEN traded down $0.25 on Friday, hitting $7.42. 9,479,094 shares of the stock traded hands, compared to its average volume of 9,654,175. Patterson-UTI Energy has a 52 week low of $7.38 and a 52 week high of $13.14. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $2.89 billion, a PE ratio of -3.39 and a beta of 2.12. The business has a fifty day moving average price of $8.21 and a two-hundred day moving average price of $9.59.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.31%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy's payout ratio is currently -14.61%.

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.