Susquehanna Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $9.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price target cut by Susquehanna from $10.00 to $9.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a positive rating on the oil and gas company’s stock.

A number of other analysts have also recently commented on PTEN. The Goldman Sachs Group lowered their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Morgan Stanley decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus price target of $11.21.

Patterson-UTI Energy Trading Up 0.7 %

NASDAQ:PTEN opened at $5.83 on Monday. The company has a market capitalization of $2.25 billion, a P/E ratio of -2.36 and a beta of 1.60. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 12 month low of $5.12 and a 12 month high of $11.70. The firm has a fifty day simple moving average of $7.69 and a 200-day simple moving average of $8.02.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a $0.08 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 5.49%. Patterson-UTI Energy’s payout ratio is -12.96%.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several institutional investors have recently modified their holdings of PTEN. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy in the 4th quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock valued at $29,000 after acquiring an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter worth approximately $42,000. Finally, Smartleaf Asset Management LLC increased its position in shares of Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 1,717 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

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.