Patterson-UTI Energy (NASDAQ:PTEN) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a sell rating in a report released on Monday morning.

Several other brokerages have also recently commented on PTEN. Piper Sandler dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an overweight rating for the company in a research report on Monday, July 15th. Benchmark restated a hold rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Bank of America reduced their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating on the stock in a report on Monday, July 15th. Royal Bank of Canada decreased their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an outperform rating on the stock in a research note on Friday, July 26th. Finally, Evercore ISI dropped their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating for the company in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $14.77.

Patterson-UTI Energy Stock Up 2.5 %

Shares of NASDAQ PTEN opened at $8.87 on Monday. The stock has a market capitalization of $3.49 billion, a P/E ratio of 13.04 and a beta of 2.18. The stock’s fifty day moving average is $10.13 and its 200 day moving average is $10.90. Patterson-UTI Energy has a 52 week low of $8.64 and a 52 week high of $16.17. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 3.61%. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in PTEN. Norges Bank bought a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $44,911,000. Balyasny Asset Management L.P. bought a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at $44,872,000. American Century Companies Inc. increased its position in shares of Patterson-UTI Energy by 62.8% during the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after buying an additional 2,191,330 shares during the period. Webs Creek Capital Management LP bought a new position in Patterson-UTI Energy during the first quarter worth $24,116,000. Finally, Vanguard Group Inc. raised its stake in Patterson-UTI Energy by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock worth $486,449,000 after buying an additional 1,847,468 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.