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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned an average recommendation of “Moderate Buy” from the thirteen brokerages that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $11.88.

A number of research analysts recently issued reports on the company. Stifel Nicolaus reduced their price target 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. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Citigroup dropped their price target 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. Barclays reduced their price objective 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, Raymond James dropped their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $8.20 on Wednesday. The firm has a market cap of $3.20 billion, a PE ratio of -3.74 and a beta of 2.12. The company’s fifty day simple moving average is $8.12 and its two-hundred day simple moving average is $9.16. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 12-month low of $7.38 and a 12-month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.90%. Patterson-UTI Energy’s payout ratio is -14.61%.

Institutional Trading of Patterson-UTI Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. boosted its holdings in Patterson-UTI Energy by 35.9% in the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock worth $152,793,000 after acquiring an additional 5,275,525 shares in the last quarter. State Street Corp raised its position in shares of Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares during the last quarter. Geode Capital Management LLC boosted its stake in Patterson-UTI Energy by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock worth $68,717,000 after purchasing an additional 478,064 shares in the last quarter. Deprince Race & Zollo Inc. increased its stake in Patterson-UTI Energy by 14.7% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock valued at $62,880,000 after purchasing an additional 778,581 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Patterson-UTI Energy by 62.8% in 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 last quarter. Hedge funds and other institutional investors 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.