Patterson-UTI Energy (NASDAQ:PTEN) Given New $13.00 Price Target at Stifel Nicolaus

Patterson-UTI Energy (NASDAQ:PTEN - Free Report) had its price objective cut by Stifel Nicolaus from $14.00 to $13.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the oil and gas company's stock.

PTEN has been the topic of several other research reports. StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Saturday, October 12th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and dropped their target price for the company from $11.00 to $10.00 in a research report on Friday, December 13th. 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. Raymond James cut Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday. Finally, Susquehanna decreased their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $11.63.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN traded up $0.05 during trading hours on Monday, reaching $8.62. The company had a trading volume of 7,369,183 shares, compared to its average volume of 6,843,694. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy has a 1-year low of $7.15 and a 1-year high of $12.65. The business's 50 day moving average price is $8.02 and its 200-day moving average price is $8.70. The firm has a market cap of $3.36 billion, a PE ratio of -3.94 and a beta of 2.09.

Patterson-UTI Energy Dividend Announcement

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

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the firm's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

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

Patterson-UTI Energy Company Profile

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.