Citigroup Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $12.50

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective decreased by Citigroup from $13.50 to $12.50 in a research note released on Friday morning,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas company’s stock.

Several other brokerages also recently weighed in on PTEN. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price for the company in a research note on Friday, July 31st. Piper Sandler reiterated an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Barclays increased their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Stifel Nicolaus lifted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.14.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $11.21 on Friday. Patterson-UTI Energy has a 12 month low of $5.24 and a 12 month high of $13.39. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The firm has a market capitalization of $4.28 billion, a P/E ratio of -48.74 and a beta of 0.77. The company’s fifty day moving average price is $11.46 and its two-hundred day moving average price is $11.03.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -173.91%.

Insider Activity at Patterson-UTI Energy

In other news, Director James Stewart sold 207,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president owned 404,582 shares of the company’s stock, valued at $5,158,420.50. This trade represents a 22.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,027,000 shares of company stock worth $12,698,780 over the last quarter. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC raised its stake in Patterson-UTI Energy by 107.2% during the second quarter. Sequoia Financial Advisors LLC now owns 22,147 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 11,458 shares in the last quarter. Tidal Investments LLC lifted its holdings in Patterson-UTI Energy by 11.5% during the 2nd quarter. Tidal Investments LLC now owns 166,271 shares of the oil and gas company’s stock worth $1,526,000 after buying an additional 17,189 shares during the last quarter. Engineers Gate Manager LP grew its position in shares of Patterson-UTI Energy by 1,002.2% in the 2nd quarter. Engineers Gate Manager LP now owns 461,819 shares of the oil and gas company’s stock worth $4,239,000 after acquiring an additional 419,919 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $96,000. Finally, Allworth Financial LP increased its holdings in shares of Patterson-UTI Energy by 172.4% in the 2nd quarter. Allworth Financial LP now owns 7,417 shares of the oil and gas company’s stock valued at $68,000 after acquiring an additional 4,694 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy services company that provides drilling and well-completion solutions to oil and natural gas exploration and production companies. Its operations support the development of unconventional and conventional wells, primarily in North America.

The company’s drilling services include contract land drilling, directional drilling, and related technologies designed to improve well placement, efficiency, and performance. Patterson-UTI also provides completion services, including pressure pumping, wireline, and other well-completion and production-support services.

Through its drilling products business, Patterson-UTI manufactures and distributes drilling equipment and downhole tools, including drill bits, drilling motors, and related products.