According to Bloomberg, the eleven investment banks and brokerage firms that currently cover Patterson-UTI Energy, Inc. (NASDAQ: PTEN) have given the company an average rating of “Moderate Buy” for the company’s stock. By comparison, four research analysts gave the company a “hold” rating, while five research analysts gave the company a “buy” rating. Additionally, the stock is expected to hit a 1-year average target price of $21.50 over the coming year, according to projections from analysts who updated their coverage of the company’s stock over the course of the year. of the previous year.
A significant number of industry analysts are currently focusing their attention on the company. The recommendation for Patterson-UTI Energy was changed from “sell” to “hold” in a stock report published by StockNews.com on Nov. 1. The report concerned the shares of the company. The article could be read on various online platforms. Piper Sandler stated her decision to raise her target price for Patterson-UTI Energy to $24.00 in a research note published Nov. 1. Barclays gave the company an “overweight” rating and raised its price target for Patterson-UTI Energy from $24.00 to $26.00 in a research report released Oct. 28. In a research report released on July 15, Bank of America downgraded Patterson-UTI Energy from a “buy” rating to a “neutral” rating.
Additionally, the brokerage reduced its price target for the company’s stock from $22.00 to $13.50 in the same report. Both of these changes were made to Patterson-UTI Energy. Morgan Stanley raised Patterson-UTI Energy from an “underweight” rating to an “overweight” rating in a research report released Nov. 1 and made available to the public. Previously, the rating was considered “underweight”.
For $19.08 per share, trading on the NASDAQ PTEN index began on Tuesday. The debt ratio is calculated at 0.52, and the quick and current ratios are calculated at 1.55. The stock’s price-to-earnings ratio is currently -13.34, its market cap is $4.14 billion, and its beta is currently 2.39. The stock price has maintained a simple moving average of $14.53 over the past fifty days, while over the past two hundred days it has maintained a price of $15.38. Over the past year, the price of a Patterson-UTI Energy share has ranged from $6.70 to $20.53, with an average price of $20.53 per share.
The company also recently announced that it will implement a quarterly dividend scheduled for December 15. A dividend payment to registered shareholders will be made on December 1. The dividend payment will be $0.08 per share. On Wednesday, November 30, a decision will be made as to whether or not to distribute a dividend to shareholders. As a direct result, the annual dividend payment is $0.32 and the investment return is 1.68%. The most recent quarterly dividend paid by Patterson-UTI Energy was $0.04; therefore, this amount represents an increase over the previous installment. Patterson-UTI Energy reached a point where its payout ratio reached a value of -11.19%.
It was reported elsewhere in the news that on Oct. 26, a Patterson-UTI Energy insider named James Michael Holcomb sold 16,666 shares of the company. This information was found in another article about the company. The price realized from the sale of shares amounted to a total of $266,822.66 as the price per share was determined to average $16.01. Following the completion of the transaction, the insider of the company will hold a total of 331,443 shares of the company. The total value of these shares will be approximately $5,306,402.43 at this time. You will be redirected to a legal filing filed with the SEC if you click on the link we have provided, where you will find additional information regarding the sale. Over the past three months, company insiders have sold 83,334 shares of the company, resulting in a total sale volume of $1,488,098. Individuals currently employed by the company hold 2.70% of the total outstanding shares of the company.
Recently, several institutional investors have changed the processes by which they invest their money in the company in various ways. The Oregon Public Employees Retirement Fund increased the amount of Patterson-UTI Energy shares held by 0.9% in the first three months of 2018. The Oregon Public Employees Retirement Fund now has 81,385 shares of the oil and gas business after buying an additional 726 shares over the past quarter. The value of the combined 81,385 shares of the oil and gas company is currently equal to a total of $1,260,000. The percentage of Patterson-UTI Energy held by Advisor Group Holdings Inc. increased by 18.2% in the first three months of 2018. Following the acquisition of 881 additional shares during the last quarter, Advisor Group Holdings Inc. now has a total of 5,730 shares of the oil and gas company’s stock in his possession. The value of these shares at present is $19,956,000 in total. In the first three months of 2018, Gamco Investors Inc. and its affiliates increased the proportion of Patterson-UTI Energy shares they held by 2.3%. After making an additional purchase of 906 shares in the last quarter, Gamco Investors Inc., along with other investors, now holds a total of 40,572 shares in the oil and gas sector. These shares are currently valued at $628,000 and the stake was increased during the last quarter. Raymond James Financial Services Advisors Inc. increased the percentage of Patterson-UTI Energy it held in the market by 6.5% during the third quarter. Currently, Raymond James Financial Services Advisors Inc. owns 16,049 shares in the oil and gas industry; the current market value of these shares is $187,000. This was accomplished by purchasing an additional 985 shares during the fiscal quarter to meet the requirements. And finally, during the third quarter, Nisa Investment Advisors LLC added to its position in Patterson-UTI Energy by buying an additional 1.8% of its shares. Nisa Investment Advisors LLC now directly owns 61,746 shares of oil and gas companies. These shares have a value of $757,000 and were acquired through the purchase of 1,096 additional shares during the last quarter. The vast majority of the company’s shares are held by institutional investors and hedge funds at 99.72%.