Patterson-UTI Energy (NASDAQ:PTEN) Given New $10.00 Price Target at Citigroup

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective lowered by Citigroup from $11.00 to $10.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the oil and gas company’s stock.

PTEN has been the topic of a number of other research reports. Barclays reduced their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Bank of America reduced their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. Stifel Nicolaus dropped their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Finally, ATB Capital reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Price Performance

PTEN traded down $0.08 on Thursday, reaching $7.59. 2,860,301 shares of the company’s stock were exchanged, compared to its average volume of 7,126,162. The stock has a market cap of $2.96 billion, a PE ratio of -3.50 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy has a twelve month low of $7.45 and a twelve month high of $13.14. The stock’s fifty day moving average price is $8.27 and its 200-day moving average price is $9.63.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 4.22%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently modified their holdings of the business. Norden Group LLC purchased a new position in Patterson-UTI Energy in the first quarter valued at $121,000. Capstone Investment Advisors LLC purchased a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $200,000. Fidelis Capital Partners LLC acquired a new position in shares of Patterson-UTI Energy during the first quarter worth about $56,000. Hartree Partners LP increased its stake in shares of Patterson-UTI Energy by 15.5% during the first quarter. Hartree Partners LP now owns 1,416,600 shares of the oil and gas company’s stock worth $16,914,000 after buying an additional 189,708 shares during the period. Finally, Texas Permanent School Fund Corp raised its holdings in Patterson-UTI Energy by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 281,205 shares of the oil and gas company’s stock valued at $3,358,000 after acquiring an additional 3,653 shares in the last quarter. Institutional investors and hedge funds 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.