Patterson-UTI Energy (NASDAQ:PTEN) Lowered to “Underperform” at Wells Fargo & Co
Several other brokerages have also recently weighed in on PTEN. Jefferies Financial Group cut shares of Patterson-UTI Energy from a buy rating to a hold rating and dropped their price objective for the stock from $14.50 to $11.50 in a research note on Friday, August 2nd. AltaCorp Capital reiterated an outperform rating on shares of Patterson-UTI Energy in a research note on Thursday, June 20th. Raymond James set a $17.00 price objective on shares of Patterson-UTI Energy and gave the stock a buy rating in a research note on Friday, July 26th. ValuEngine upgraded shares of Patterson-UTI Energy from a sell rating to a hold rating in a research note on Thursday, August 1st. Finally, Piper Jaffray Companies dropped their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set an overweight rating for the company in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company’s stock. Patterson-UTI Energy has an average rating of Buy and an average price target of $14.43.
Patterson-UTI Energy stock traded up $0.14 during midday trading on Thursday, hitting $9.12. The company’s stock had a trading volume of 171,749 shares, compared to its average volume of 3,794,883. Patterson-UTI Energy has a 1-year low of $7.87 and a 1-year high of $18.39. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.91 and a quick ratio of 1.76. The company has a 50-day moving average price of $9.26 and a two-hundred day moving average price of $11.93. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -26.88 and a beta of 1.52.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Wednesday, September 4th. Patterson-UTI Energy’s payout ratio is presently -47.06%.
In related news, Director Curtis W. Huff purchased 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average cost of $8.08 per share, with a total value of $202,000.00. Following the acquisition, the director now owns 162,817 shares of the company’s stock, valued at approximately $1,315,561.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Janeen S. Judah sold 5,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total transaction of $45,250.00. Following the sale, the director now directly owns 27,023 shares in the company, valued at $244,558.15. The disclosure for this sale can be found here. 4.00% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund lifted its position in shares of Patterson-UTI Energy by 1.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 86,723 shares of the oil and gas company’s stock valued at $998,000 after acquiring an additional 1,221 shares during the period. Parallel Advisors LLC lifted its position in shares of Patterson-UTI Energy by 129.0% during the 1st quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 1,342 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Patterson-UTI Energy by 4.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 30,518 shares of the oil and gas company’s stock valued at $351,000 after acquiring an additional 1,411 shares during the period. FDx Advisors Inc. raised its holdings in Patterson-UTI Energy by 5.5% during the second quarter. FDx Advisors Inc. now owns 28,193 shares of the oil and gas company’s stock worth $325,000 after buying an additional 1,477 shares during the last quarter. Finally, Ironwood Investment Management LLC raised its holdings in Patterson-UTI Energy by 16.3% during the first quarter. Ironwood Investment Management LLC now owns 13,490 shares of the oil and gas company’s stock worth $189,000 after buying an additional 1,889 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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