Analysts Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Target Price at $11.88

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received a consensus rating of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $11.88.

Several equities analysts have weighed in on PTEN shares. Citigroup dropped their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Raymond James cut their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a report on Friday, October 25th. Stifel Nicolaus decreased 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. Barclays dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. InTrack Investment Management Inc increased its holdings in Patterson-UTI Energy by 3.2% during the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock worth $341,000 after acquiring an additional 1,037 shares during the period. Hexagon Capital Partners LLC grew its holdings in shares of Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Patterson-UTI Energy by 7.2% in the third quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after purchasing an additional 1,501 shares during the last quarter. KBC Group NV raised its stake in Patterson-UTI Energy by 18.5% in the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after purchasing an additional 1,723 shares in the last quarter. Finally, Sage Rhino Capital LLC lifted its position in Patterson-UTI Energy by 15.8% during the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock valued at $131,000 after purchasing an additional 1,724 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $8.40 on Wednesday. The stock has a 50 day moving average price of $8.12 and a two-hundred day moving average price of $9.19. Patterson-UTI Energy has a 52 week low of $7.38 and a 52 week high of $12.65. The firm has a market capitalization of $3.28 billion, a P/E ratio of -3.84 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

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.