Patterson-UTI Energy (NASDAQ:PTEN) Upgraded at BidaskClub
Other analysts have also recently issued research reports about the stock. Barclays reiterated a hold rating and set a $9.00 price target on shares of Patterson-UTI Energy in a research note on Friday, October 25th. Citigroup cut shares of Patterson-UTI Energy from a buy rating to a neutral rating and decreased their price target for the stock from $12.00 to $9.50 in a research note on Monday, September 30th. Bank of America cut shares of Patterson-UTI Energy from a buy rating to a neutral rating in a research note on Tuesday, October 8th. ValuEngine upgraded shares of Patterson-UTI Energy from a sell rating to a hold rating in a research note on Thursday, August 1st. Finally, Jefferies Financial Group cut shares of Patterson-UTI Energy from a buy rating to a hold rating and reduced their target price for the stock from $14.50 to $11.50 in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. Patterson-UTI Energy presently has a consensus rating of Hold and a consensus target price of $11.88.
Shares of NASDAQ:PTEN opened at $8.94 on Thursday. The stock has a market cap of $1.79 billion, a P/E ratio of -26.29 and a beta of 1.58. The firm has a fifty day moving average price of $8.70 and a 200 day moving average price of $9.86. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.54 and a quick ratio of 1.46. Patterson-UTI Energy has a 1-year low of $7.67 and a 1-year high of $16.27.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Wednesday, December 4th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
In other news, Director Janeen S. Judah sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the completion of the sale, the director now owns 27,023 shares in the company, valued at approximately $244,558.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.00% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its holdings in shares of Patterson-UTI Energy by 44.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,950,536 shares of the oil and gas company’s stock valued at $85,078,000 after purchasing an additional 3,069,809 shares in the last quarter. Macquarie Group Ltd. increased its holdings in shares of Patterson-UTI Energy by 2.4% in the 2nd quarter. Macquarie Group Ltd. now owns 7,154,245 shares of the oil and gas company’s stock valued at $82,345,000 after purchasing an additional 166,931 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Patterson-UTI Energy by 7.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,728,066 shares of the oil and gas company’s stock valued at $77,440,000 after purchasing an additional 478,869 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Patterson-UTI Energy by 84.2% in the 2nd quarter. Renaissance Technologies LLC now owns 6,474,948 shares of the oil and gas company’s stock valued at $74,527,000 after purchasing an additional 2,960,000 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Patterson-UTI Energy by 12.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,640,250 shares of the oil and gas company’s stock valued at $53,409,000 after purchasing an additional 498,806 shares in the last quarter. Institutional investors and hedge funds own 98.00% of the company’s stock.
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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