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

StockNews.com lowered shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a sell rating in a report published on Monday morning.

PTEN has been the subject of a number of other reports. Royal Bank of Canada reduced their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an outperform rating for the company in a research report on Friday, July 26th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating for the company in a research report on Tuesday, July 16th. Susquehanna lowered their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a positive rating on the stock in a report on Thursday, July 11th. Benchmark reissued a hold rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Finally, Evercore ISI decreased their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $14.77.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $8.87 on Monday. The company has a 50 day moving average of $10.13 and a 200 day moving average of $10.90. The company has a current ratio of 1.50, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. The stock has a market cap of $3.49 billion, a P/E ratio of 13.04 and a beta of 2.18. Patterson-UTI Energy has a 12 month low of $8.64 and a 12 month high of $16.17.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.61%. Patterson-UTI Energy’s payout ratio is 47.06%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the stock. Raymond James & Associates lifted its position in Patterson-UTI Energy by 22.2% in the fourth quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock valued at $6,836,000 after purchasing an additional 114,868 shares during the last quarter. Arizona State Retirement System raised its holdings in Patterson-UTI Energy by 1.5% during the 4th quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock valued at $1,074,000 after buying an additional 1,506 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in Patterson-UTI Energy by 46.9% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $107,000 after buying an additional 3,196 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Patterson-UTI Energy by 162.6% in the 4th quarter. Sequoia Financial Advisors LLC now owns 33,908 shares of the oil and gas company’s stock worth $366,000 after acquiring an additional 20,996 shares during the last quarter. Finally, Perigon Wealth Management LLC purchased a new position in shares of Patterson-UTI Energy in the fourth quarter valued at about $111,000. 97.91% of the stock is currently 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.