Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given a consensus rating of “Moderate Buy” by the thirteen brokerages that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $11.54.

PTEN has been the topic of a number of recent research reports. Morgan Stanley dropped their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, Stifel Nicolaus cut their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’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 value of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. The trade was a 1.02 % increase in their position. The disclosure for this purchase can be found here. 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 modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its position in Patterson-UTI Energy by 29.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 20,770 shares of the oil and gas company’s stock valued at $172,000 after acquiring an additional 4,719 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $3,705,000. Brucke Financial Inc. acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at $135,000. Mackenzie Financial Corp boosted its holdings in Patterson-UTI Energy by 172.7% during the fourth quarter. Mackenzie Financial Corp now owns 69,366 shares of the oil and gas company’s stock worth $573,000 after buying an additional 43,927 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Patterson-UTI Energy during the fourth quarter valued at $364,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 18.3 %

Shares of NASDAQ PTEN opened at $5.66 on Tuesday. The stock has a 50 day moving average price of $8.18 and a 200 day moving average price of $8.18. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of -2.29 and a beta of 1.99. Patterson-UTI Energy has a 52-week low of $5.53 and a 52-week high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. 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 currently -12.96%.

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.