Patterson-UTI Energy (NASDAQ:PTEN) Lowered to Underperform at Wells Fargo & Co
Several other analysts have also recently commented on PTEN. Credit Suisse Group decreased their price target on shares of Patterson-UTI Energy from $14.00 to $11.00 and set a neutral rating on the stock in a research note on Friday, July 26th. Jefferies Financial Group cut shares of Patterson-UTI Energy from a buy rating to a hold rating and decreased their price target for the company from $14.50 to $11.50 in a research note on Friday, August 2nd. ValuEngine raised shares of Patterson-UTI Energy from a sell rating to a hold rating in a research note on Thursday, August 1st. Bank of America decreased their price target on shares of Patterson-UTI Energy from $12.00 to $9.00 and set a buy rating on the stock in a research note on Wednesday, August 28th. Finally, Piper Jaffray Companies decreased their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set an overweight rating on the stock in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $14.43.
Patterson-UTI Energy stock traded up $0.14 during trading hours on Thursday, hitting $9.12. 171,749 shares of the stock were exchanged, compared to its average volume of 3,794,883. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.76 and a current ratio of 1.91. The stock has a market capitalization of $1.96 billion, a P/E ratio of -26.88 and a beta of 1.52. Patterson-UTI Energy has a 12 month low of $7.87 and a 12 month high of $18.39. The business’s 50-day moving average is $9.26 and its two-hundred day moving average is $11.93.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, September 5th will be issued a $0.04 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $0.16 annualized dividend and a yield of 1.75%. Patterson-UTI Energy’s dividend payout ratio is currently -47.06%.
In related news, Director Janeen S. Judah sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the transaction, the director now directly owns 27,023 shares in the company, valued at $244,558.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Curtis W. Huff acquired 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average price of $8.08 per share, for a total transaction of $202,000.00. Following the completion of the acquisition, the director now directly owns 162,817 shares of the company’s stock, valued at $1,315,561.36. The disclosure for this purchase can be found here. Corporate insiders own 4.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC raised its holdings in Patterson-UTI Energy by 129.0% in the first quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 1,342 shares during the period. Quantamental Technologies LLC raised its holdings in Patterson-UTI Energy by 173.2% in the second quarter. Quantamental Technologies LLC now owns 6,041 shares of the oil and gas company’s stock worth $70,000 after purchasing an additional 3,830 shares during the period. Machina Capital S.A.S. raised its holdings in Patterson-UTI Energy by 1,559.1% in the second quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock worth $76,000 after purchasing an additional 6,174 shares during the period. KBC Group NV acquired a new stake in Patterson-UTI Energy in the second quarter worth $78,000. Finally, M&T Bank Corp acquired a new stake in Patterson-UTI Energy in the second quarter worth $122,000. Institutional investors and hedge funds own 98.39% of the company’s stock.
About Patterson-UTI Energy
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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