A number of other analysts also recently commented on PTEN. Cowen reiterated a hold rating and set a $24.00 target price on shares of Patterson-UTI Energy in a research report on Sunday, September 17th. Credit Suisse Group reduced their price objective on Patterson-UTI Energy from $22.00 to $20.00 and set a neutral rating on the stock in a research report on Friday, September 22nd. SunTrust Banks restated a buy rating and issued a $25.00 price objective (down from $33.00) on shares of Patterson-UTI Energy in a research report on Tuesday, October 3rd. Citigroup set a $24.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a research report on Thursday, October 5th. Finally, Jefferies Group set a $26.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a research report on Thursday, October 5th. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $27.40.
Patterson-UTI Energy (NASDAQ PTEN) remained flat at $$24.70 on Friday. The company’s stock had a trading volume of 3,706,400 shares, compared to its average volume of 3,427,367. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. The company has a market capitalization of $5,490.00, a PE ratio of -15.94 and a beta of 1.08. Patterson-UTI Energy has a 1 year low of $14.83 and a 1 year high of $29.76.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th were paid a dividend of $0.02 per share. The ex-dividend date was Wednesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.32%. Patterson-UTI Energy’s dividend payout ratio is presently -5.16%.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.60% of the company’s stock.
A number of large investors have recently made changes to their positions in PTEN. BlueMountain Capital Management LLC increased its stake in Patterson-UTI Energy by 8,571.3% during the second quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock worth $75,952,000 after acquiring an additional 3,718,478 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in Patterson-UTI Energy during the third quarter worth about $67,664,000. Vanguard Group Inc. increased its stake in Patterson-UTI Energy by 22.8% during the second quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after acquiring an additional 3,115,388 shares during the last quarter. Axar Capital Management L.P. acquired a new stake in Patterson-UTI Energy during the second quarter worth about $59,956,000. Finally, Fuller & Thaler Asset Management Inc. increased its stake in Patterson-UTI Energy by 285.0% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 2,722,481 shares of the oil and gas company’s stock worth $57,009,000 after acquiring an additional 2,015,336 shares during the last quarter. Institutional investors own 97.71% of the company’s stock.
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About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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