Patterson-UTI Energy (NASDAQ:PTEN) Given New $13.00 Price Target at Stifel Nicolaus

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective lowered by Stifel Nicolaus from $14.00 to $13.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the oil and gas company’s stock.

A number of other brokerages have also weighed in on PTEN. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Royal Bank of Canada decreased their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Barclays cut their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Citigroup cut their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One equities 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 stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $8.62 on Monday. The firm’s 50 day moving average price is $8.04 and its two-hundred day moving average price is $8.69. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy has a twelve month low of $7.15 and a twelve month high of $12.65. The firm has a market cap of $3.36 billion, a P/E ratio of -3.94 and a beta of 2.09.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date was Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc boosted its stake in shares of Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after acquiring an additional 1,501 shares during the period. KBC Group NV lifted its holdings in Patterson-UTI Energy by 18.5% during the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after purchasing an additional 1,723 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in Patterson-UTI Energy by 10.6% during the third quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock worth $150,000 after purchasing an additional 1,879 shares during the period. Blue Trust Inc. increased its holdings in shares of 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 valued at $73,000 after purchasing an additional 1,901 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Patterson-UTI Energy by 6.2% in the third quarter. Advisors Asset Management Inc. now owns 46,945 shares of the oil and gas company’s stock valued at $359,000 after purchasing an additional 2,730 shares during the period. Institutional investors and hedge funds 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.