Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $11.54 Average Price Target from Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given a consensus rating of “Moderate Buy” by the thirteen analysts that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $11.54.

Several equities research analysts have recently commented on the company. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Morgan Stanley decreased their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th.

Insiders Place Their Bets

In related news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently modified their holdings of PTEN. Victory Capital Management Inc. raised its position in Patterson-UTI Energy by 30.2% in the 4th quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company’s stock worth $9,472,000 after purchasing an additional 265,714 shares during the period. State Street Corp raised its holdings in shares of Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after buying an additional 1,352,840 shares during the period. Versor Investments LP boosted its holdings in Patterson-UTI Energy by 53.0% during the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock valued at $1,453,000 after acquiring an additional 60,900 shares during the period. Ieq Capital LLC grew its position in Patterson-UTI Energy by 262.6% in the 4th quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock valued at $360,000 after acquiring an additional 31,589 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in Patterson-UTI Energy by 31.2% in the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after purchasing an additional 1,743,241 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $5.66 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.19 billion, a PE ratio of -2.29 and a beta of 1.99. The firm’s 50 day moving average price is $8.18 and its 200-day moving average price is $8.18. Patterson-UTI Energy has a twelve month low of $5.53 and a twelve month high of $12.65.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $0.08 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 5.65%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

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.