Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the thirteen ratings firms that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $11.88.

A number of research analysts recently commented on the stock. Morgan Stanley decreased their price target on shares of 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. Raymond James lowered their target price on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating on the stock in a research note on Friday, October 25th. Barclays reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research note on Wednesday, October 16th. Royal Bank of Canada lowered their price objective 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, Stifel Nicolaus dropped their target price 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.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN traded up $0.12 on Wednesday, hitting $8.46. The company had a trading volume of 5,862,332 shares, compared to its average volume of 7,222,316. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of -3.91 and a beta of 2.12. The stock has a 50 day moving average price of $8.11 and a 200 day moving average price of $9.23. Patterson-UTI Energy has a 1-year low of $7.38 and a 1-year high of $12.65. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.78%. Patterson-UTI Energy's payout ratio is -14.61%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Hexagon Capital Partners LLC grew its holdings in shares of 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 valued at $25,000 after purchasing an additional 1,307 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of Patterson-UTI Energy by 250.4% during the third 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 during the last quarter. CWM LLC increased its holdings in shares of Patterson-UTI Energy by 49.9% during the second 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. Covestor Ltd grew its position 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 acquiring an additional 3,307 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in Patterson-UTI Energy by 263.3% in the 2nd quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company's stock worth $79,000 after purchasing an additional 5,506 shares in the last quarter. 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.