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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) have been given an average recommendation of "Moderate Buy" by the thirteen brokerages that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $11.54.

A number of brokerages have issued reports on PTEN. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Raymond James downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Finally, Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 27th.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction on 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 directly owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares in the company, valued at $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently made changes to their positions in the company. WFA Asset Management Corp bought a new position in shares of Patterson-UTI Energy during the fourth quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after buying an additional 3,218 shares during the period. Meeder Asset Management Inc. bought a new position in Patterson-UTI Energy during the 4th quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $42,000. Finally, Smartleaf Asset Management LLC boosted its position in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after acquiring an additional 1,717 shares during the period. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

PTEN traded down $1.27 during midday trading on Tuesday, hitting $5.66. The company had a trading volume of 18,657,375 shares, compared to its average volume of 8,400,884. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The firm's 50-day simple moving average is $8.18 and its 200-day simple moving average is $8.18. Patterson-UTI Energy has a twelve month low of $5.53 and a twelve month high of $12.65. The company has a market capitalization of $2.19 billion, a PE ratio of -2.29 and a beta of 1.99.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy's payout ratio is currently -12.96%.

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.