Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $11.00 at Raymond James

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective cut by Raymond James from $12.00 to $11.00 in a research note published on Friday, Benzinga reports. They currently have a strong-buy rating on the oil and gas company’s stock.

Other analysts have also recently issued research reports about the stock. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research note on Friday, October 11th. Stifel Nicolaus lowered their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Piper Sandler cut their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Finally, ATB Capital cut their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.96.

Patterson-UTI Energy Stock Up 2.5 %

PTEN opened at $8.17 on Friday. Patterson-UTI Energy has a fifty-two week low of $7.45 and a fifty-two week high of $13.29. The company has a market capitalization of $3.21 billion, a P/E ratio of 26.35 and a beta of 2.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The firm’s fifty day moving average price is $8.35 and its two-hundred day moving average price is $9.70.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is presently 103.23%.

Institutional Trading of Patterson-UTI Energy

Several hedge funds have recently modified their holdings of the stock. AlphaMark Advisors LLC raised its position in Patterson-UTI Energy by 42.1% in the 1st quarter. AlphaMark Advisors LLC now owns 28,194 shares of the oil and gas company’s stock worth $337,000 after purchasing an additional 8,351 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Patterson-UTI Energy by 15.7% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 3,064,107 shares of the oil and gas company’s stock worth $36,586,000 after acquiring an additional 416,480 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Patterson-UTI Energy by 10.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company’s stock valued at $87,208,000 after acquiring an additional 703,536 shares during the period. InTrack Investment Management Inc boosted its holdings in Patterson-UTI Energy by 10.8% in the first quarter. InTrack Investment Management Inc now owns 31,913 shares of the oil and gas company’s stock valued at $381,000 after acquiring an additional 3,100 shares during the last quarter. Finally, Norden Group LLC acquired a new stake in Patterson-UTI Energy in the first quarter worth about $121,000. 97.91% of the stock is owned by institutional investors.

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.