Patterson-UTI Energy (NASDAQ:PTEN) Cut to Market Perform at Raymond James

Raymond James downgraded shares of Patterson-UTI Energy (NASDAQ:PTEN - Free Report) from a strong-buy rating to a market perform rating in a report published on Monday, MarketBeat.com reports.

PTEN has been the subject of a number of other research reports. Morgan Stanley decreased their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Monday, September 16th. StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. Susquehanna cut their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a research report on Friday, October 11th. Royal Bank of Canada lowered their price target 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, Citigroup cut their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and an average target price of $11.63.

Patterson-UTI Energy Stock Performance

PTEN stock traded up $0.05 on Monday, reaching $8.62. The company's stock had a trading volume of 7,369,183 shares, compared to its average volume of 6,843,694. The firm has a fifty day moving average of $8.04 and a two-hundred day moving average of $8.69. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The company has a market capitalization of $3.36 billion, a P/E ratio of -3.94 and a beta of 2.09. Patterson-UTI Energy has a 52 week low of $7.15 and a 52 week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy's payout ratio is -14.61%.

Insider Activity

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

Institutional Trading of Patterson-UTI Energy

Large investors have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock valued at $118,080,000 after buying an additional 1,352,840 shares in the last quarter. Stifel Financial Corp grew its stake in Patterson-UTI Energy by 103.2% during the 3rd quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company's stock valued at $645,000 after acquiring an additional 42,824 shares in the last quarter. Grace & White Inc. NY increased its holdings in shares of Patterson-UTI Energy by 668.6% in the 3rd quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company's stock valued at $2,140,000 after purchasing an additional 243,368 shares during the period. Signaturefd LLC lifted its position in shares of Patterson-UTI Energy by 64.5% in the third quarter. Signaturefd LLC now owns 18,963 shares of the oil and gas company's stock worth $145,000 after purchasing an additional 7,432 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Patterson-UTI Energy by 12.1% during the third quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company's stock worth $6,740,000 after purchasing an additional 95,289 shares during the period. 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.