Patterson-UTI Energy (NASDAQ:PTEN) Upgraded to “Buy” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a neutral rating to a buy rating in a report issued on Friday, Marketbeat Ratings reports. They currently have $10.00 price target on the oil and gas company’s stock, down from their previous price target of $11.00.

PTEN has been the subject of a number of other reports. Raymond James lowered their target price on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research note on Friday, October 25th. Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. ATB Capital reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Finally, Citigroup reduced their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.71.

Patterson-UTI Energy Stock Performance

PTEN stock opened at $7.72 on Friday. Patterson-UTI Energy has a 1-year low of $7.38 and a 1-year high of $12.65. The business’s 50-day moving average price is $8.10 and its two-hundred day moving average price is $8.98. The firm has a market cap of $3.01 billion, a PE ratio of -3.53 and a beta of 2.12. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of PTEN. Massmutual Trust Co. FSB ADV raised its stake in Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 3,087 shares during the period. Covestor Ltd raised its stake in Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 3,307 shares during the period. CWM LLC lifted its holdings in Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 2,012 shares during the last quarter. Blue Trust Inc. lifted its holdings in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in Patterson-UTI Energy during the third quarter worth $75,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.