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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has earned an average rating of "Moderate Buy" from the thirteen research firms that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $11.63.

Several research analysts have recently issued reports on PTEN shares. The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Citigroup decreased their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Royal Bank of Canada cut their price target 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 Friday, October 25th. Susquehanna decreased their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a report on Friday, October 11th. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now owns 32,438 shares in the company, valued at approximately $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV increased its position in shares of Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock valued at $33,000 after acquiring an additional 3,087 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. Covestor Ltd increased its position in shares of 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 purchasing an additional 3,307 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at approximately $75,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Trading Up 1.3 %

PTEN stock traded up $0.12 during midday trading on Thursday, reaching $9.45. The company's stock had a trading volume of 8,816,758 shares, compared to its average volume of 7,492,486. The business's 50-day simple moving average is $8.16 and its 200-day simple moving average is $8.63. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 52 week low of $7.15 and a 52 week high of $12.65. The stock has a market cap of $3.69 billion, a PE ratio of -4.32 and a beta of 2.09.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.08 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.39%. Patterson-UTI Energy's dividend payout ratio (DPR) is -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.