Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $11.63 Average Price Target from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the thirteen analysts that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $11.63.

Several analysts have recently commented on PTEN shares. Raymond James cut Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, January 6th.

Patterson-UTI Energy Stock Performance

PTEN traded down $0.13 during trading on Friday, hitting $7.38. The stock had a trading volume of 13,692,138 shares, compared to its average volume of 7,745,618. The firm has a market capitalization of $2.85 billion, a P/E ratio of -2.99 and a beta of 1.99. 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 has a twelve month low of $7.03 and a twelve month high of $12.65. The company's 50-day moving average price is $8.50 and its 200 day moving average price is $8.27.

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Patterson-UTI Energy Dividend Announcement

The company also recently declared 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 is Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.34%. Patterson-UTI Energy's dividend payout ratio is currently -12.96%.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's 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 completion of the transaction, the director now owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Carl Stewart sold 80,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the sale, the director now directly owns 32,438 shares in the company, valued at $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $3,705,000. Brucke Financial Inc. purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at about $135,000. Mackenzie Financial Corp grew its position in Patterson-UTI Energy by 172.7% during the fourth quarter. Mackenzie Financial Corp now owns 69,366 shares of the oil and gas company's stock valued at $573,000 after acquiring an additional 43,927 shares during the period. Neo Ivy Capital Management acquired a new stake in Patterson-UTI Energy during the fourth quarter worth about $364,000. Finally, Vise Technologies Inc. raised its holdings in shares of Patterson-UTI Energy by 93.6% in the 4th quarter. Vise Technologies Inc. now owns 43,315 shares of the oil and gas company's stock worth $358,000 after purchasing an additional 20,945 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.