Sanford C. Bernstein began coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report sent to investors on Monday, The Fly reports. The brokerage issued an underperform rating and a $7.50 target price on the oil and gas company’s stock.
Several other equities analysts have also issued reports on PTEN. JPMorgan Chase & Co. lowered Patterson-UTI Energy from a neutral rating to an underweight rating and dropped their price objective for the stock from $7.00 to $6.00 in a report on Friday, December 13th. Barclays reaffirmed a hold rating and set a $9.00 price objective on shares of Patterson-UTI Energy in a report on Friday, October 25th. AltaCorp Capital lowered Patterson-UTI Energy from an outperform rating to an underperform rating in a report on Wednesday, December 18th. Royal Bank of Canada set a $10.00 price objective on Patterson-UTI Energy and gave the stock a buy rating in a report on Friday, October 25th. Finally, Wolfe Research set a $11.00 price objective on Patterson-UTI Energy and gave the stock a buy rating in a report on Friday, October 25th. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $11.06.
Shares of PTEN stock opened at $10.09 on Monday. The stock’s 50-day moving average is $9.99 and its two-hundred day moving average is $9.55. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of -29.68 and a beta of 1.69. Patterson-UTI Energy has a 1 year low of $7.67 and a 1 year high of $16.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 1.54.
The business also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Investors of record on Thursday, December 5th were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend was Wednesday, December 4th. Patterson-UTI Energy’s dividend payout ratio is currently -47.06%.
In related news, Director Terry H. Hunt sold 5,900 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $10.49, for a total transaction of $61,891.00. Following the transaction, the director now owns 91,670 shares of the company’s stock, valued at $961,618.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 4.00% of the company’s stock.
A number of large investors have recently made changes to their positions in PTEN. Massachusetts Financial Services Co. MA lifted its position in Patterson-UTI Energy by 44.6% in the third 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 during the period. Scout Investments Inc. lifted its position in Patterson-UTI Energy by 75.0% in the third quarter. Scout Investments Inc. now owns 3,039,548 shares of the oil and gas company’s stock valued at $25,988,000 after purchasing an additional 1,302,984 shares during the period. Carillon Tower Advisers Inc. lifted its position in Patterson-UTI Energy by 74.7% in the third quarter. Carillon Tower Advisers Inc. now owns 2,076,415 shares of the oil and gas company’s stock valued at $17,753,000 after purchasing an additional 887,790 shares during the period. Nuveen Asset Management LLC acquired a new stake in Patterson-UTI Energy in the second quarter valued at about $9,870,000. Finally, Kahn Brothers Group Inc. DE lifted its position in Patterson-UTI Energy by 37.3% in the third quarter. Kahn Brothers Group Inc. DE now owns 2,703,393 shares of the oil and gas company’s stock valued at $23,114,000 after purchasing an additional 733,883 shares during the period. Hedge funds and other institutional investors own 98.00% of the company’s stock.
Patterson-UTI Energy Company Profile
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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