Patterson-UTI Energy (NASDAQ:PTEN) Lowered to “Market Perform” Rating by Raymond James

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by analysts at Raymond James from a “strong-buy” rating to a “market perform” rating in a note issued to investors on Monday, MarketBeat Ratings reports.

Several other analysts have also recently commented on PTEN. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price target for the company from $11.00 to $10.00 in a research report on Friday, December 13th. 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 report on Monday, September 16th. Barclays reduced their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Finally, Royal Bank of Canada decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $8.62 on Monday. Patterson-UTI Energy has a 1 year low of $7.15 and a 1 year high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The stock has a fifty day moving average price of $8.05 and a two-hundred day moving average price of $8.68. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of -3.94 and a beta of 2.09.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction 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 completion of the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Massmutual Trust Co. FSB ADV grew its holdings in Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares during the period. Covestor Ltd boosted its holdings in shares of Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 1,901 shares during the period. nVerses Capital LLC acquired a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth $75,000. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of Patterson-UTI Energy by 47.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $75,000 after buying an additional 3,221 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

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.