Patterson-UTI Energy (NASDAQ:PTEN) Downgraded by StockNews.com to “Sell”

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

PTEN has been the subject of a number of other research reports. Evercore ISI decreased their target price on Patterson-UTI Energy from $18.00 to $17.00 and set an outperform rating for the company in a report on Friday, May 3rd. Stifel Nicolaus decreased their price objective on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a buy rating for the company in a research note on Tuesday, July 16th. Piper Sandler cut their price objective 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. Benchmark reissued a hold rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Finally, Bank of America lowered their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a buy rating on the stock in a report on Monday, July 15th. One equities 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’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of Moderate Buy and a consensus price target of $14.77.

Patterson-UTI Energy Stock Performance

PTEN traded down $0.22 on Monday, reaching $8.70. 8,499,253 shares of the stock were exchanged, compared to its average volume of 7,001,406. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The company’s 50-day moving average price is $10.24 and its 200 day moving average price is $10.94. The firm has a market capitalization of $3.42 billion, a PE ratio of 13.12 and a beta of 2.18. Patterson-UTI Energy has a fifty-two week low of $8.68 and a fifty-two week high of $16.17.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors 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 yield of 3.68%. Patterson-UTI Energy’s payout ratio is 47.06%.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the transaction, the director now directly owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The sale was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Patterson-UTI Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC boosted its holdings in Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,594 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,307 shares during the last quarter. Lindbrook Capital LLC increased its position in shares of Patterson-UTI Energy by 66.5% during the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares in the last quarter. Neo Ivy Capital Management acquired a new position in Patterson-UTI Energy in the 4th quarter valued at $40,000. Finally, CWM LLC lifted its stake in shares of Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares in the last quarter. Hedge funds and other institutional investors 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.