Patterson-UTI Energy (NASDAQ:PTEN) Trading Down 11.1% – Here’s Why

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded down 11.1% during mid-day trading on Thursday . The company traded as low as $5.71 and last traded at $5.83. 1,127,783 shares were traded during mid-day trading, a decline of 87% from the average session volume of 8,498,093 shares. The stock had previously closed at $6.56.

Analysts Set New Price Targets

Several analysts have commented on PTEN shares. Morgan Stanley decreased their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Thursday, March 27th. Stifel Nicolaus decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the company from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.54.

Patterson-UTI Energy Stock Performance

The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average of $7.94 and a 200 day moving average of $8.10. The stock has a market capitalization of $2.17 billion, a P/E ratio of -2.27 and a beta of 1.60.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 5.69%. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. The trade was a 36.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction on Friday, February 14th. The stock was 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 in the company, valued at $13,771,330.09. The trade was a 12.93 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors have recently modified their holdings of the stock. Merit Financial Group LLC bought a new stake in shares of Patterson-UTI Energy during the first quarter worth $85,000. Legacy Wealth Asset Management LLC acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth $142,000. Somerset Trust Co lifted its stake in Patterson-UTI Energy by 17.2% in the first quarter. Somerset Trust Co now owns 28,345 shares of the oil and gas company’s stock valued at $233,000 after buying an additional 4,170 shares during the period. GAMMA Investing LLC boosted its holdings in Patterson-UTI Energy by 1,567.3% during the first quarter. GAMMA Investing LLC now owns 111,726 shares of the oil and gas company’s stock worth $918,000 after buying an additional 105,025 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Patterson-UTI Energy by 29.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 20,770 shares of the oil and gas company’s stock worth $172,000 after buying an additional 4,719 shares during the period. 97.91% of the stock is owned by institutional investors.

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.