Patterson-UTI Energy (NASDAQ:PTEN) Downgraded to Sell at StockNews.com

StockNews.com downgraded shares of Patterson-UTI Energy (NASDAQ:PTENFree Report) from a hold rating to a sell rating in a research report released on Tuesday morning.

A number of other analysts have also recently weighed in on the stock. The Goldman Sachs Group began coverage on shares of Patterson-UTI Energy in a research note on Tuesday, December 19th. They set a neutral rating and a $12.00 target price on the stock. Benchmark cut shares of Patterson-UTI Energy from a buy rating to a hold rating in a research note on Tuesday, January 16th. Royal Bank of Canada decreased their target price on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an outperform rating on the stock in a research note on Friday, February 16th. Evercore ISI decreased their target price on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an outperform rating on the stock in a research note on Tuesday, February 20th. Finally, Raymond James decreased their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a strong-buy rating on the stock in a research note on Friday, February 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $16.33.

Check Out Our Latest Stock Report on PTEN

Patterson-UTI Energy Stock Up 1.4 %

Shares of PTEN opened at $11.92 on Tuesday. Patterson-UTI Energy has a one year low of $9.70 and a one year high of $16.17. The company has a market cap of $4.87 billion, a P/E ratio of 11.80, a P/E/G ratio of 1.17 and a beta of 2.22. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The firm has a 50 day simple moving average of $11.40 and a two-hundred day simple moving average of $11.85.

Patterson-UTI Energy (NASDAQ:PTENGet Free Report) last announced its quarterly earnings data on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. Research analysts forecast that Patterson-UTI Energy will post 0.67 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.32 annualized dividend and a dividend yield of 2.68%. Patterson-UTI Energy’s dividend payout ratio is currently 31.68%.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the transaction, the director now owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. Capital Advisors Ltd. LLC purchased a new stake in Patterson-UTI Energy in the 3rd quarter valued at about $25,000. Quarry LP grew its position in shares of Patterson-UTI Energy by 157.2% during the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 1,714 shares during the period. CWM LLC grew its position in shares of Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 791 shares during the period. Neo Ivy Capital Management bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $40,000. Finally, Parkside Financial Bank & Trust grew its position in shares of Patterson-UTI Energy by 635.8% during the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 2,594 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

(Get Free Report)

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.

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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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