Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $11.63 Consensus Target Price from Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $11.63.

A number of analysts recently commented on the stock. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price target for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $7.80 on Friday. The stock has a market capitalization of $3.01 billion, a P/E ratio of -3.16 and a beta of 1.99. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm’s 50 day moving average is $8.47 and its 200 day moving average is $8.25. Patterson-UTI Energy has a 12 month low of $7.03 and a 12 month high of $12.65.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.10%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 358,149 shares of company stock worth $2,990,766. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Atria Investments Inc grew its position in shares of Patterson-UTI Energy by 3.7% in the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company’s stock worth $288,000 after buying an additional 1,252 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in shares of Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after buying an additional 1,358 shares during the last quarter. Avantax Advisory Services Inc. grew its position in shares of Patterson-UTI Energy by 10.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock worth $130,000 after buying an additional 1,436 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Patterson-UTI Energy by 7.2% in the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after buying an additional 1,501 shares during the last quarter. Finally, Summit Investment Advisors Inc. lifted its stake in shares of Patterson-UTI Energy by 4.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock valued at $336,000 after purchasing an additional 1,596 shares during the period. 97.91% of the stock is currently 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.