Patterson-UTI Energy (NASDAQ:PTEN) Reaches New 12-Month Low - Time to Sell?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report)'s stock price reached a new 52-week low on Tuesday . The company traded as low as $7.12 and last traded at $7.20, with a volume of 1489511 shares trading hands. The stock had previously closed at $7.49.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Raymond James lowered shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Finally, Stifel Nicolaus reduced their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $11.63.

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 company has a market cap of $2.90 billion, a PE ratio of -3.04 and a beta of 1.99. The business's fifty day moving average is $8.50 and its 200-day moving average is $8.28.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy's payout ratio is -12.96%.

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Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now owns 32,438 shares of the company's stock, valued at $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth $3,705,000. Brucke Financial Inc. purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at about $135,000. Mackenzie Financial Corp grew its position in shares of Patterson-UTI Energy by 172.7% during the fourth quarter. Mackenzie Financial Corp now owns 69,366 shares of the oil and gas company's stock valued at $573,000 after purchasing an additional 43,927 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at about $364,000. Finally, Vise Technologies Inc. increased its holdings in shares of Patterson-UTI Energy by 93.6% in the fourth quarter. Vise Technologies Inc. now owns 43,315 shares of the oil and gas company's stock worth $358,000 after purchasing an additional 20,945 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.