Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) reached a new 52-week low on Tuesday . The stock traded as low as $7.25 and last traded at $7.26, with a volume of 293890 shares. The stock had previously closed at $7.54.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the company. StockNews.com downgraded Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. Citigroup reduced their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Barclays lowered their target price 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. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and decreased their price target for the company from $11.00 to $10.00 in a report on Friday. Finally, Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $11.71.
Read Our Latest Stock Report on PTEN
Patterson-UTI Energy Trading Down 2.7 %
The company has a market cap of $2.86 billion, a P/E ratio of -3.30 and a beta of 2.12. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The firm's 50 day moving average is $8.08 and its two-hundred day moving average is $8.94.
Patterson-UTI Energy Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.08 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.36%. Patterson-UTI Energy's dividend payout ratio (DPR) is -14.61%.
Institutional Trading of Patterson-UTI Energy
Several institutional investors have recently added to or reduced their stakes in PTEN. Pacer Advisors Inc. raised its stake in Patterson-UTI Energy by 35.9% during the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company's stock worth $152,793,000 after buying an additional 5,275,525 shares during the last quarter. State Street Corp lifted its stake in shares of Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock valued at $118,080,000 after purchasing an additional 1,352,840 shares during the period. Geode Capital Management LLC boosted its position in shares of Patterson-UTI Energy by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company's stock valued at $68,717,000 after purchasing an additional 478,064 shares in the last quarter. Deprince Race & Zollo Inc. grew its stake in Patterson-UTI Energy by 14.7% during the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company's stock worth $62,880,000 after purchasing an additional 778,581 shares during the period. Finally, American Century Companies Inc. increased its holdings in Patterson-UTI Energy by 62.8% in the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company's stock worth $58,877,000 after purchasing an additional 2,191,330 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.
About Patterson-UTI Energy
(
Get Free Report)
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.
Read More
Before you consider Patterson-UTI Energy, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Patterson-UTI Energy wasn't on the list.
While Patterson-UTI Energy currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
