Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down After Analyst Downgrade

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) shares gapped down before the market opened on Monday after Raymond James lowered their price target on the stock from $12.00 to $11.00. The stock had previously closed at $8.17, but opened at $7.89. Raymond James currently has a strong-buy rating on the stock. Patterson-UTI Energy shares last traded at $7.98, with a volume of 278,706 shares.

Other research analysts have also recently issued research reports about the stock. Citigroup lowered their price target on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a "buy" rating on the stock in a research report on Friday, September 13th. Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, October 11th. Susquehanna decreased 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 research report on Friday, October 11th. ATB Capital decreased their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 4th. Finally, Piper Sandler decreased their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Moderate Buy" and a consensus target price of $11.96.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC lifted its stake in shares of 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 purchasing an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV increased 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 purchasing an additional 3,087 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in Patterson-UTI Energy during the 1st quarter worth approximately $56,000. CWM LLC increased its holdings in shares of Patterson-UTI Energy by 49.9% in the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock valued at $63,000 after acquiring an additional 2,012 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock valued at $73,000 after acquiring an additional 1,901 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Down 2.3 %

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.32 and a current ratio of 1.52. The firm has a market capitalization of $3.14 billion, a P/E ratio of -3.64 and a beta of 2.12. The stock has a fifty day moving average price of $8.32 and a two-hundred day moving average price of $9.67.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 4.01%. Patterson-UTI Energy's dividend payout ratio 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.