Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $10.00 by Analysts at Citigroup

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective lowered by Citigroup from $11.00 to $10.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the oil and gas company’s stock.

Other research analysts also recently issued research reports about the stock. Stifel Nicolaus decreased their price target 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. ATB Capital lowered their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. Piper Sandler cut their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Royal Bank of Canada lowered their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Barclays cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $7.42 on Thursday. 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 52-week low of $7.38 and a 52-week high of $13.14. The firm has a market cap of $2.89 billion, a PE ratio of -3.39 and a beta of 2.12. The company’s 50 day moving average is $8.21 and its two-hundred day moving average is $9.58.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.31%. Patterson-UTI Energy’s payout ratio is currently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its stake in shares of Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in shares of Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 3,087 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in Patterson-UTI Energy in the first quarter worth $56,000. CWM LLC increased its stake in Patterson-UTI Energy by 49.9% during the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 2,012 shares during the last quarter. Finally, Covestor Ltd raised its holdings 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 worth $53,000 after purchasing an additional 3,307 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.