Patterson-UTI Energy (NASDAQ:PTEN) Lowered to Sell at StockNews.com

StockNews.com cut shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a sell rating in a research report report published on Monday morning.

PTEN has been the topic of several other research reports. Royal Bank of Canada cut their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an outperform rating on the stock in a report on Friday, July 26th. Benchmark reissued a hold rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Stifel Nicolaus decreased their price target on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating for the company in a research report on Tuesday, July 16th. Evercore ISI cut their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. Finally, Bank of America decreased their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating for the company in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $14.77.

Patterson-UTI Energy Trading Down 2.5 %

NASDAQ:PTEN traded down $0.22 on Monday, hitting $8.70. 8,499,253 shares of the stock were exchanged, compared to its average volume of 7,001,406. The stock has a fifty day moving average of $10.24 and a 200-day moving average of $10.94. The stock has a market cap of $3.42 billion, a PE ratio of 13.12 and a beta of 2.18. The company has a current ratio of 1.50, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. Patterson-UTI Energy has a fifty-two week low of $8.68 and a fifty-two week high of $16.17.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 3.68%. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the completion of the sale, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the business. Fortitude Family Office LLC boosted its holdings in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,594 shares during the period. Hexagon Capital Partners LLC boosted its stake in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,307 shares during the period. Lindbrook Capital LLC grew its holdings in shares of Patterson-UTI Energy by 66.5% during the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 1,332 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $40,000. Finally, CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

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.