Patterson-UTI Energy (NASDAQ:PTEN) Lowered to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Patterson-UTI Energy (NASDAQ:PTEN) from a strong-buy rating to a hold rating in a report published on Thursday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Royal Bank Of Canada upped their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Citigroup dropped their target price on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research report on Monday, June 29th. Stifel Nicolaus lifted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. The Goldman Sachs Group upped their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average price target of $12.95.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $12.43 on Thursday. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.08. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.74 billion, a PE ratio of -54.04 and a beta of 0.63. The business has a 50-day simple moving average of $10.30 and a 200-day simple moving average of $10.46.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Insider Activity

In other news, CAO Forrest C. Robinson sold 13,670 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Carl Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 420,670 shares of company stock worth $4,880,957 over the last quarter. 2.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently modified their holdings of PTEN. Convergence Investment Partners LLC purchased a new stake in Patterson-UTI Energy during the 1st quarter valued at about $1,325,000. Principal Financial Group Inc. lifted its stake in Patterson-UTI Energy by 92.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after purchasing an additional 4,093,636 shares in the last quarter. Prescott Group Capital Management L.L.C. purchased a new position in Patterson-UTI Energy in the 4th quarter worth approximately $1,161,000. Gagnon Securities LLC boosted its holdings in shares of Patterson-UTI Energy by 69.0% during the 4th quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock worth $2,155,000 after purchasing an additional 144,080 shares during the last quarter. Finally, Quantinno Capital Management LP grew its position in shares of Patterson-UTI Energy by 163.5% in the first quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock valued at $5,457,000 after purchasing an additional 312,680 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.