Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.
Patterson-UTI Energy Price Performance
Shares of NASDAQ:PTEN traded down $0.49 during midday trading on Friday, reaching $8.34. 8,875,374 shares of the company's stock traded hands, compared to its average volume of 9,508,326. The company has a fifty day simple moving average of $8.46 and a two-hundred day simple moving average of $8.36. Patterson-UTI Energy, Inc. has a 1 year low of $7.15 and a 1 year high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The company has a market cap of $3.22 billion, a P/E ratio of -3.38 and a beta of 2.06.
Patterson-UTI Energy Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.84%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio is currently -12.96%.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in Patterson-UTI Energy by 10.6% in the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company's stock valued at $182,518,000 after purchasing an additional 2,123,659 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in Patterson-UTI Energy by 89.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock valued at $140,046,000 after purchasing an additional 7,989,877 shares during the last quarter. State Street Corp raised its stake in Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock valued at $118,080,000 after purchasing an additional 1,352,840 shares during the last quarter. ARGA Investment Management LP raised its stake in Patterson-UTI Energy by 421.0% in the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company's stock valued at $84,375,000 after purchasing an additional 8,254,137 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Patterson-UTI Energy by 13.5% in the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock worth $79,597,000 after acquiring an additional 1,144,094 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on PTEN shares. Citigroup lowered their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Royal Bank of Canada lowered their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Stifel Nicolaus lowered their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Raymond James lowered Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $11.63.
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About Patterson-UTI Energy
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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.
Further Reading
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