Patterson-UTI Energy (NASDAQ:PTEN) Cut to Market Perform at Raymond James

Raymond James downgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a strong-buy rating to a market perform rating in a research report sent to investors on Monday, Marketbeat Ratings reports.

Several other brokerages have also issued reports on PTEN. Citigroup cut their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” 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 decreased their target price for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Royal Bank of Canada cut their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Stifel Nicolaus decreased their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Patterson-UTI Energy Trading Down 2.3 %

Shares of PTEN stock opened at $8.42 on Monday. The business has a 50-day moving average price of $8.07 and a two-hundred day moving average price of $8.68. Patterson-UTI Energy has a 12-month low of $7.15 and a 12-month high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.28 billion, a P/E ratio of -3.84 and a beta of 2.09.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a dividend of $0.08 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.80%. Patterson-UTI Energy’s dividend payout ratio is presently -14.61%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

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