Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Rating of "Moderate Buy" from Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has earned an average rating of "Moderate Buy" from the thirteen brokerages that are covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $11.63.

PTEN has been the subject of several research analyst reports. Barclays decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Wednesday, October 16th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and cut their target price for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Raymond James cut Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Stifel Nicolaus cut their target price on 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. Finally, Royal Bank of Canada cut their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research note on Friday, October 25th.

Patterson-UTI Energy Stock Up 4.0 %

Shares of PTEN traded up $0.35 on Monday, hitting $9.08. The company's stock had a trading volume of 9,315,177 shares, compared to its average volume of 9,404,675. The company has a quick ratio of 1.32, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The firm's fifty day moving average price is $8.32 and its 200-day moving average price is $8.41. Patterson-UTI Energy has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of -3.68 and a beta of 2.06.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.96%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the firm's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the sale, the director now directly owns 32,438 shares of the company's stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.30% of the company's stock.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently bought and sold shares of the business. WFA Asset Management Corp bought a new position in Patterson-UTI Energy in the fourth quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Patterson-UTI Energy in the fourth quarter valued at about $39,000. Smartleaf Asset Management LLC raised its position in 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 purchasing an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position 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 during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.