James Carl Stewart Sells 80,000 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director James Carl Stewart sold 80,000 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the sale, the director now owns 32,438 shares in the company, valued at $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Patterson-UTI Energy Stock Up 5.3 %

Shares of NASDAQ:PTEN traded up $0.39 during trading on Friday, reaching $7.68. 30,150,195 shares of the company traded hands, compared to its average volume of 7,391,159. Patterson-UTI Energy, Inc. has a 1-year low of $7.15 and a 1-year high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The firm has a market cap of $2.99 billion, a P/E ratio of -3.51 and a beta of 2.12. The firm has a fifty day simple moving average of $8.03 and a 200 day simple moving average of $8.89.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy's payout ratio is currently -14.61%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in PTEN. Pacer Advisors Inc. bought a new position in Patterson-UTI Energy during the second quarter valued at approximately $152,265,000. Ninepoint Partners LP bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at $51,800,000. American Century Companies Inc. lifted its stake in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company's stock valued at $58,877,000 after purchasing an additional 2,191,330 shares during the last quarter. ARGA Investment Management LP boosted its holdings in Patterson-UTI Energy by 1,066.6% in the third quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company's stock worth $15,000,000 after purchasing an additional 1,792,655 shares in the last quarter. Finally, Canoe Financial LP increased its position in Patterson-UTI Energy by 15,942.1% during the third quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company's stock worth $11,850,000 after buying an additional 1,514,500 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. ATB Capital decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a report on Wednesday, September 4th. Barclays dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 16th. Raymond James reduced their price objective on shares of 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. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Royal Bank of Canada reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $11.71.

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.